(Adds details from filing, context)
SAO PAULO, June 27 (Reuters) - Brazilian state-run oil company Petroleo Brasileiro SA said on Wednesday that it has signed an agreement to sell fuel distribution assets in Paraguay, part of a plan to sell billions in assets to reduce debt.
Petrobras said in a securities filing that it expects to receive $383.5 million in cash from the deal with Grupo Copetrol, a Paraguayan gas station operator.
The company is aiming to sell $21 billion in assets over a two-year period to reduce its debt, which at $91 billion is the largest among oil majors, according to Thomson Reuters data.
Assets on sale include shallow water mature oilfields in Rio de Janeiro and gas pipeline company Transportadora Associada de Gás.
Petrobras expects to get an initial deposit of $49.3 million for the assets, comprising a network of 197 gas stations, on Wednesday when the sales contract is signed and an additional $334.2 million when the deal is closed.
The value of the deal is subject to adjustments based on working capital variations until the closing, Petrobras said.
Reporting by Ana Mano; Editing by Christian Plumb and Susan Thomas