SAO PAULO, March 10, 2026, 11:31 BRT
Chevron Corp is in the mix as a potential minority investor in Ipiranga, Brazil’s fuel distributor, after Ultrapar brought in BTG Pactual to oversee a stake sale, according to sources close to the matter. A Brazil Journal report put Chevron in advanced discussions for a 30% stake. But sources speaking to Reuters couldn’t verify if the U.S. oil giant is actually among the bidders.
The deal stands to pull Chevron further into Brazil’s fuel retail scene, broadening its footprint in the region’s largest economy. Chevron and Ipiranga are already tied through a lubricants partnership. And after snagging the license last year, Ipiranga now sells fuels under the Texaco name in Brazil.
Timing is key here. With global prices up—thanks to turmoil in the Middle East—Brazil’s fuel market is feeling the squeeze. Import costs have climbed, just as Petrobras clamps down on diesel sales, sticking to contracted supply. The company produces around 55% of the country’s diesel. “The steep discount is drawing buyers away from imported cargoes,” Abicom’s Sergio Araujo said. Reuters
Ultrapar has brought in BTG to explore selling a slice of Ipiranga, Reuters said on Monday. According to two sources, the company aims to trim its fuel distribution footprint and funnel more capital into logistics, but is looking to hold on to operational control of Ipiranga if possible.
Chevron, Ultrapar and BTG all declined to comment. A source added that Ultrapar could be in discussions with more than one possible buyer, so there’s no clarity yet on when or even if a deal might come together.
Chevron’s recent moves with Ipiranga have brought their partnership into sharper focus. On top of their lubricants project, Chevron and Ipiranga clinched a 2024 branding agreement, putting Texaco back on Brazil’s fuel retail map after a long absence.
For Chevron, the talks mark a potential return to assets it offloaded years ago. Back in 2008, Ultrapar snapped up Chevron’s Texaco fuel distribution business in Brazil for around $720 million. That purchase landed Ultrapar about 23% of the country’s fuel market and control of over 5,000 service stations, Reuters reported then.
If Chevron jumps in, it’s stepping into a crowded field—Vibra and Raizen, the Shell-Cosan partnership, are already major players. Diesel supply is still in Petrobras’s hands, so when the state-run giant tweaks prices, the whole market feels it.
Even so, risks remain. Reuters wasn’t able to verify Chevron’s involvement in the sale, and traders aren’t convinced the recent oil rally will stick. James West, who leads energy and power research at Melius Research, noted that the market is betting on a “swift end to the closure of the Strait of Hormuz.” Reuters
Chevron fell $1.25 to $188.19 in U.S. trading Tuesday. Ultrapar’s American shares inched up half a cent, ending at $5.16. Chevron exited this market several years back and only started edging in again lately, mostly via branding and lubricants deals.
