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Business

Petrobras to sell off petrochemicals

by Alexander H. Tullo
October 3, 2016 | APPEARED IN VOLUME 94, ISSUE 39

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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