Chevron Corp is negotiating the purchase of a stake in Ipiranga, a major Brazilian fuel distribution company.
Brazil Journal first reported the discussions, with Reuters subsequently covering the news.
The potential acquisition signals Chevron's intent to expand its footprint in Brazil's retail fuel market.
Financial terms and the specific size of the stake remain undisclosed.
The deal would deepen Chevron's presence in South America's largest economy.
This move would further integrate the company's operations down the energy value chain.