The move comes as the government seeks to avoid a new revision of its annual fiscal deficit target, currently set at 139bn reais (US$44bn), around 2% of GDP.
Petrobras is planning to sell a stake of its fuel distribution company via a share offer.
The company hopes to regain eligibility for public work contracts in countries which have restricted their operations because of corruption.
Despite boasting the world's largest proven reserves, Venezuela has recently been forced to import light oil from as far as Africa to blend with its heavy crude.
BNamericas speaks to Bobby Cusmano, the business development head of US services firm Progen, about opportunities in Latin America's largely untapped off-grid power market.