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Petrobras Shook Up The Oil And Gas Market In Recent Days

Written by Paulo Nogueira
Published on 09/12/2019 at 10:40
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With The Announcement of Selling Its Stake in the Petrochemical Braskem and the Purchase of the Minority Stake in Repsol Sinopec Brasil, Petrobras Is Seen Differently

Two news items related to Petrobras have stirred the oil and gas market in recent days: Focusing on centralizing its investments in exploration and production activities, the state-owned company announced that it plans to sell its stake in the petrochemical Braskem within a maximum of 12 months, and it advocates that the company be listed on the Novo Mercado of the São Paulo stock exchange B3, as a way to achieve greater value in the operation, CEO Roberto Castello Branco said on Friday. “We are committed to divesting in Braskem,” said Castello Branco while attending a meeting with analysts and investors in London.

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On the other hand, Petrobras received approval from the Brazilian competition defense authority (Cade) to acquire a minority stake in Repsol Sinopec Brasil in block ES-M-414, in the maritime area of the Espírito Santo basin, where the state-owned company already held a majority stake.

The companies informed Cade that the operation involves Repsol Sinopec’s exit from the asset “through the exercise of its right of withdrawal— and the subsequent free transfer of its stake to Petrobras,” which was provided for in the joint operation agreement between the companies.

Repsol held 11.1% of the block, compared to Petrobras’s 88.89%, which will have 100% after the transaction.

Petrobras Area, Oil Companies, and Other Sectors Will Have Over 400 Job Openings on December 11

Macaé, one of the key cities for the development of Petrobras’s business and other sectors, will host an employability fair on Wednesday (11), an event promoted by the city hall and will feature around 20 companies hiring, receiving resumes, giving lectures, among other interesting services. Learn more about this milestone published by our portal here.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

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