March 10, 2026 [Reuters]- Brazilian conglomerate Ultrapar has tapped investment bank BTG Pactual to manage the potential sale of a stake in fuel distributor Ipiranga, two people familiar with the process told Reuters on Monday.
Earlier in the day, Brazil Journal reported that oil producer Chevron was in advanced talks with Ultrapar for a 30% stake in Ipiranga. These two sources told Reuters they could not confirm if Chevron was among the potential buyers.
Two additional sources, who requested anonymity because the discussions are confidential, said Ultrapar is seeking to reduce its exposure to fuel distribution.
A potential deal with Chevron would build on an existing relationship between the two companies. Chevron and Ipiranga already have a joint venture in the lubricants business, which one source described as making discussions about Ipiranga ownership “a natural progression.”
That same source cautioned, however, that Ultrapar may be exploring options with multiple potential buyers.
Representatives for Chevron, Ultrapar, and BTG declined to comment.
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