Petrobras to sell petchem units to Mexico’s Alpek
The plants in Pernambuco produce PTA, raw material for PET resin, and polyester fiber. Via the sale of the assets, Petrobras will reduce its debt as well as the need to inject more cash into the plants which are no longer profitable.
In addition, Petrobras is also looking for a sale of its 36% share in Latin America’s petrochemical company, Braskem SA. The negotiations for the sale of Braskem have been halted as investors are concerned about the involvement of Grupo Odebrecht SA, Braskem’s controlling shareholder, in the Car Wash probe. Odebrecht reportedly pledged its 38% stake in Braskem as collateral to banks this month.
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