Petrobras Aims to Sell Its Entire Stake in Braskem by Next Year

Petrobras Forecasts to Dispose of Entire Stake in Petrochemical Braskem by Early Next Year.

Petrobras announced this Monday, May 25, that it intends to divest its entire stake in the petrochemical Braskem through an operation in the capital markets. Three Petrobras Platforms Will Go to International Auction in July

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The information was provided by the company’s president, Roberto Castello Branco, while projecting that the deal could occur by the beginning of 2021.

Earlier this month, the executive stated that Petrobras was interested in selling its stake in Braskem and that Petrobras has the support of Odebrecht to sell the petrochemical

“We believe it is feasible by the end of the year, if not, at the beginning of next year, to sell this stake”, Castello Branco stated during a live broadcast from Genial Investimentos.

The path to enable the divestment involves the migration of Braskem to the Novo Mercado of the stock exchange, with the conversion of all company shares into common shares, which is already the subject of discussions between Petrobras and Odebrecht, a partner of the state-owned company in the petrochemical sector and holder of 50.1% of the voting shares.

“There is no sense in Petrobras being a partner of Braskem. First, Petrobras is not an investment fund. We do not operate Braskem, we only have an equity stake”, Castello pointed out while justifying the divestment.

Petrobras Fuel Pricing Policy

Although not questioned about pressures on its pricing policy, the president of Petrobras defended during the live broadcast that, before the most recent increases, Petrobras had been significantly reducing prices at refineries in light of falling oil prices on the international market, in a movement that was not followed by gas stations.

“Regarding gas stations, there is nothing Petrobras can do… it is outside our scope, we are not a regulatory agency. This is the role of Cade (Administrative Council for Economic Defense), Petrobras is just a company”, he said.

After the cycle of price reductions, Petrobras announced three consecutive increases for gasoline, with a rise of 38% just in May. The company also announced the first increase of the year for diesel, by 8%.