According to the country’s secretary of privatisation, Salim Mattar, most of Petrobras’ 36 subsidiaries are being considered for sale. The government is also planning further privatisation of partially state-owned power company Eletrobras, Reuters reported.
Due to the creation of a department in Brazil’s audit court focusing on sales of government-controlled assets, Mattar said each divestment could be completed within 120-150 days.
The planned divestments are part of a larger government strategy aimed at reducing Brazil’s debt-to-GDP ratio, which stands at around 77%.
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