After only a few days of presenting its Q2 earnings report, Petrobras, Brazil’s giant state-owned oil and gas company, is taking new steps towards its strategic plan to divest up to USD 35 billion in assets by 2025, starting with its petrochemical industry. On Monday, the company informed it had contracted JPMorgan to advise on the sale of the company’s stake in Braskem, the biggest petrochemical company in Latin America.
In a conference call with investors last Thursday, Petrobras executives had already made it known that they had hired advisers to sell their stake in Braskem, but did not give any details about the matter.
“The company confirms that it has hired JPMorgan for financial advice on the eventual and future transaction related to its participation in Braskem,” stated Petrobras in a note, adding that “there is still no definition or decision on the sale model.”
The oil and gas giant also announced that it had hired Santander bank to advise on another sale operation – of Deten, the Brazilian market leader in the production of inputs for biodegradable detergents. Next in line to be sold should be the companies Copenor and FCC; however, the sale has not been officially announced yet.
Petrobras’ announcement comes shortly after Novonor,...
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