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The embattled Brazilian state oil company Petrobras will not confirm reports in the local news outlet Agência Estado that it plans to sell its sizable stake in the petrochemical maker Braskem, promising instead to release the details of its divestment program as they materialize. A scandal involving bribes from contractors and other allegations has toppled Petrobras’s top managers. The company has also delayed releasing its audited 2014 financial results until later this month. In March, the company unveiled a plan to divest $13.7 billion worth of assets to strengthen its balance sheet. The company’s stake in Braskem, which includes 47% of the chemical maker’s common shares, is worth about $900 million. “The divestment portfolio is prospective because transaction developments will depend on business and market conditions,” the company says. Construction company Odebrecht controls Braskem, with just over 50% of its common shares. The potential sale isn’t the only way Braskem is getting dragged into Petrobras’s problems. The chemical maker is conducting an internal review of its contracts with the oil company.
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