Business

Petrobras takes a further step further in the sale of its petrochemical giant

Braskem is the biggest petrochemical company in Latin America, but it stands accused of destroying entire neighborhoods in a Northeastern city

Braskem plant in Maceió, Aladoas. Photo: Pablo de Luca/Folhapress
Braskem plant in Maceió, Aladoas. Photo: Pablo de Luca/Folhapress

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...

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