Brazil fuel distributor Vibra Energia began talks with conglomerate Cosan for a potential purchase of its lube unit Moove, Brazil Journal reported, citing sources familiar with the matter.

No agreement over such a purchase has taken place, Cosan said in a statement in response to the news story.

“The company clarifies that there is no agreement, commitment or executed document in place,” Cosan said in the statement. “Any conversations held by the company are non-binding.”

Vibra Energia was Brazil’s third-largest lube supplier in 2024 with a share of more than 20% of the country's total lube sales.

Moove was Brazil's second-largest lube supplier last year, although its share fell this year following a fire at its blending plant in Rio de Janeiro in February.