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Brazil's Petrobras sells $587 million in assets, misses two-year target

  • Region:


  • Sector:


  • Deal Size:

    $587 million

  • Buy Side Company:

  • Sell Side Company:

    Petroleo Brasileiro S.A.
  • Target Company:

Brazil's state-run oil company, Petroleo Brasileiro SA, on Wednesday announced the sale of ethanol and petrochemicals assets for $587 million, but said it would still fall $1.5 billion short of its divestment target for the 2015-2016 period. Among the assets sold were its 46 percent stake in ethanol producer Guarani SA, which was acquired for $202 million by its French partner Tereos SA, which will now own all of the company. Petrobras, as the company is known, said it will also sell its two petrochemical units in the northeastern state of Pernambuco - Petroquimica Suape and Citepe - to Mexican group Alpek SAB de CV subsidiaries Grupo Petrotemex SA de CV and Dak Americas Exterior SL for $385 million. Even after a flurry of asset sales this month, Petrobras failed to meet its two-year divestment target of $15.1 billion. The state oil company said in an emailed statement that a court injunction this month blocking its negotiations to sell the Tartaruga Verde and Bauna oilfields was to blame for missing the goal. The company announced in October Karoon Gas Australia Ltd was interested in these fields.


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