Brazil's Petrobras in talks to sell assets to Mexico's Alpek

Brazil's Petrobras in talks to sell assets to Mexico's Alpek

Reuters  | Jul 28, 2016 23:10

Brazil's Petrobras in talks to sell assets to Mexico's Alpek

SAO PAULO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro SA (SA:PETR4) said in a statement on Thursday it is in exclusive talks for 60 days with Mexico's Alpek (MX:ALPEKA) over the potential sale of PetroquimicaSuape and Citepe assets in Brazil's northeast.

Mexico's Alpek (MX:ALPEKA) is the petrochemicals unit of Mexican conglomerate Alfa (MX:ALFAA).

Petrobras' subsidiary PetroquimicaSuape in the state of Pernambuco had revenues of 1 billion reais ($304 million) in 2015 and posted a net loss of 65 million reais. Citepe, also in the Pernambuco, had revenues of 633 million reais and posted a loss of 817 million reais in 2015.

Petrobras, as Brazil's state oil company is known, has been trying to speed up a plan to divest $14.4 billion in assets to cut its debt load.

In addition, to the potential sale of its petrochemical assets in Pernambuco, the company is trying to settle on a sale structure for its distribution division Petrobras Distribuidora.

It is also reported to be seeking a buyer for its stake in Latin America's largest petrochemical company Braskem SA.

© Reuters. A worker paints a tank of Brazil's state-run Petrobras oil company in Brasilia

($1 = 3.2885 Brazilian reais)

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