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Report: Petrobras pushes back deadline for binding proposals for LPG unit

Petróleo Brasileiro SA moved the deadline for the submission of binding proposals for its liquefied petroleum gas distribution unit Liquigás Distribuidora SA to the week of Aug. 11, according to an Aug. 8 report from Reuters.

Sources told Reuters the company decided to move the deadline after interested parties requested more time to conduct due diligence on the unit.

Itaúsa - Investimentos Itaú SA, Abu Dhabi state investor Mubadala Investment Co. and the Netherlands' SHV Energy NV are expected to submit proposals, Reuters reported.

The transaction, which Reuters said is expected to bring in between 2.5 billion to 3 billion Brazilian reais, is part of Petrobras' campaign to divest assets and focus on offshore exploration and production.

As of Aug. 7, US$1 was equivalent to 3.98 Brazilian reais.