Petrobras Reports Increase in Asset Sales in 2019

Written by Flavia Marinho

Published on 08/04/2019 at 01:00

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According to the data presented by Petrobras, from 2015 to 2018, due to the divestment policy adopted by the company, approximately US$ 15.4 billion has entered Petrobras’ accounts.

Under the management of Roberto Castello Branco, Petrobras has already generated a total of US$ 9.25 billion in divestments this year, with the sale of 90% of “TAG” Associated Gas Transporter, with the agreement finalized with Engie. Not to mention that the company, in the 2019 fiscal year, already has US$ 1.85 billion in still uncompleted deals. The years 2017 and 2018 added up to around US$ 8.5 billion, and the deals announced by the divestment program this year have already surpassed these amounts.

The state-owned company has already announced that in 2019, it will sell the Pasadena refinery to Chevron and the Maromba field in the Campos Basin to BW Offshore, in addition to the US$ 8.6 billion in the TAG deal.

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The expectation is that under Castello Branco’s management, the divestment policy will be intensified, as he has already taken over management with all the ongoing deals from the previous administration of Pedro Parente.

The Petrobras executive has already indicated that they could reach between US$ 30 billion and US$ 40 billion in less than 12 months.

The numbers provide a sense of what to expect from the “more aggressive” divestment program that Castello Branco has been promoting.

Furthermore, it has been announced by the president the desire to exit Braskem and the number of refineries to be sold; therefore, the company is evaluating a possible secondary offering of shares from BR Distribuidora.

Petrobras Reports Increase in Asset Sales in 2019

According to the data presented by Petrobras, from 2015 to 2018, due to the divestment policy adopted by the company, approximately US$ 15.4 billion has entered Petrobras’ accounts.

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