Odebrecht Seeks Buyers For Braskem Petrochemical In The United States, Middle East, Europe, China, Japan, And Southeast Asia

Written by Flavia Marinho

Published on 09/04/2021 at 07:33

Odebrecht / Fonte: Reprodução Google

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Braskem, The Largest Petrochemical Company in the Americas, Will Be Sold by Its Controller Odebrecht and Petrobras Also Wants Out of the Business

Novonor (formerly Odebrecht) initiated new talks this week with potential buyers of its stake in Braskem, after nearly two years of halted discussions with LyondellBasell. According to Valor Econômico, the expectation is that, by the end of 2021, the company will be close to signing a formal sale agreement.

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According to Valor Econômico, the expectation is that, by the end of 2021, the controller Odebrecht will be close to signing a formal sale agreement for the petrochemical company.

At this initial stage, Odebrecht is reaching out to potential interested parties, ranging from petrochemical companies to private equity funds with experience in the sector. “This is a global target, so buyers are being sought from all regions: United States, Middle East, Europe, China, Japan, Southeast Asia,” says a source from the newspaper.

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Petrobras, The Second Largest Shareholder of Braskem, Also Wants Out of the Business

Additionally, according to Valor, Braskem has managed to free itself from significant constraints, particularly the geological issue in Alagoas and the ethane supply issue in Mexico, which led to a loss of value for the company and a longer wait for negotiations to actually begin.

Petrobras, the second-largest shareholder, owns 36.1% and has already announced its intention to exit the business. For the time being, processes are moving in parallel – the state-owned company has been expressing a plan to sell its shares on the stock market, in a separate process. The new management, led by retired General Joaquim Silva e Luna, is in transition and has yet to comment on the matter.

With 26 Active Contracts in Brazil and Abroad, Odebrecht Hopes to Rebuild and Generate $1.1 Billion in Revenue in 2021

Odebrecht plans to bounce back and close the year 2021 with $1.1 billion in its accounts! Nearly six years after the arrest of Marcelo Odebrecht, which ruined the construction company, the group attempts to rebuild the enterprise, with new projects and a potential partner to help finance the recovery.

Currently, the construction company Odebrecht holds 26 active contracts, of which 15 are in Brazil and 11 are abroad in countries such as Panama, Peru, Argentina, Guyana, Angola, Ghana, and the United States.

Additionally, the company has completed six projects in the past 12 months. The president of the contractor, Marco Siqueira, is optimistic and hopes to double the revenue this year, to US$ 1.1 billion, around R$ 6 billion.

The construction company has 131 projects amounting to R$ 17 billion, in prospects to be explored, but with low financial power, Odebrecht faces difficulties in obtaining guarantees and participating in all market bids.

“The name of the game now is to secure new contracts.” The executive acknowledges, however, that the conditions will be different. Besides the size of the construction company, there is a new reality of projects in the country: mega-projects have given way to smaller and more dispersed projects.

Odebrecht Seeks Buyers For Braskem Petrochemical In The United States, Middle East, Europe, China, Japan, And Southeast Asia

Braskem, The Largest Petrochemical Company in the Americas, Will Be Sold by Its Controller Odebrecht and Petrobras Also Wants Out of the Business

Read Also

Petrobras, The Second Largest Shareholder of Braskem, Also Wants Out of the Business

With 26 Active Contracts in Brazil and Abroad, Odebrecht Hopes to Rebuild and Generate $1.1 Billion in Revenue in 2021

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Odebrecht Seeks Buyers For Braskem Petrochemical In The United States, Middle East, Europe, China, Japan, And Southeast Asia

Braskem, The Largest Petrochemical Company in the Americas, Will Be Sold by Its Controller Odebrecht and Petrobras Also Wants Out of the Business

Read Also

Petrobras, The Second Largest Shareholder of Braskem, Also Wants Out of the Business

With 26 Active Contracts in Brazil and Abroad, Odebrecht Hopes to Rebuild and Generate $1.1 Billion in Revenue in 2021

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The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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