Petrobras in Brazil asset divestment

Brazilian NOC Petrobras has finalised the sale of two petrochemicals subsidiaries to Mexico’s Alpek for USD 435 million, international media reported Monday.

Regulatory approval for the sale of Companhia Petroquímica de Pernambuco and Companhia Integrada Têxtil de Pernambuco, known as Petroquímica Suape and Citepe, was granted in February 2018.

In the midstream sector, Petrobras is reported to be nearing finalisation of its TAG pipeline network divestment. According to Reuters’ sources, last Thursday three companies submitted proposals, each worth more than USD 5.2 billion, for the NOC’s 90% stake in the asset.

The divestments are in line with Petrobras’ 2018-2022 business plan, which establishes a goal of raising USD 21 billion through asset sales before the end of the year.

Petrobras also said on Monday that it had agreed to a deal with state-owned power company Eletrobras that would allow the latter to move forward with the sale of its distribution units. The NOC renegotiated BRL 20 billion (USD 5.76 billion) of debt owed by Eletrobras down to about BRL 11 billion (USD 3.14 billion).