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Seeking to focus on oil and gas exploration, Brazilian national oil company Petrobras plans to withdraw from petrochemicals, fertilizers, and biofuels. The unwanted assets include a 36% interest in Brazil’s Braskem, which is Latin America’s largest chemical maker with $14 billion in 2015 sales. Petrobras is already in negotiations with Mexico’s Alpek to sell its interest in Petroquimica Suape, a new multi-billion-dollar polyethylene terephthalate plant. Last week, Petrobras and Alpek agreed to extend their negotiation period by 30 days.
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