LONDON (Reuters) - The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) said on Friday he wants to sell the companys stake in petrochemical company Braskem SA within a year. <\/p>\n
FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS\/Sergio Moraes<\/p>\n
At the London leg of an international investor roadshow, top Petrobras officials presented plans to sell tens of billions of dollars in assets to reduce a hefty debt load. <\/p>\n
However, creditors of corruption-ensnared construction conglomerate Odebrecht SA, which also has a large stake in Braskem, are in advanced talks to delay the sale of the crown jewel asset for another two to three years, Reuters reported on Monday. <\/p>\n
Its a very long period of time to sell a company, Petrobas CEO Roberto Castello Branco said during the meeting with investors in London. We understood this as a signal of someone who at the end of the day doesnt want to sell anything. <\/p>\n
Branco also said that the process by which Brazil offers offshore oil blocks must be refined, with the current bidding system allowing Petrobas a privileged position. <\/p>\n
Last month, no major global oil firms committed to participate in an auction for the blocks in a major blow to the South American exporters ambitions to develop the sector. <\/p>\n
Its very important to have a significant change...toward the adoption of a more pro-market (regulatory) regime, eliminating all the complexities which at the end of the day reduce the attractiveness of Brazil, Branco said. <\/p>\n
Asked if the firm would make a pledge similar to that from Spains Repsol to slash net carbon emissions to zero by the middle of the century, Branco told reporters: Its too early ... each company has its own views. <\/p>\n
Petrobras refining and natural gas chief Anelise Lara said the company had completed a feasibility study with Chinas CNPC over refining operations in Rio de Janeiro. <\/p>\n
She added that Petrobras was also looking to reduce the amount of gas it imports via a Bolivia-Brazil pipeline from a contracted 30 million cubic meters per day to 15 million following discussions with Brazils anti-trust regulator. <\/p>\n
Petrobras agreed a deal with the regulator earlier this year to foster competition in gas imports and encourage new participants in the market. <\/p>\n
Reporting by Noah Browning, editing by Louise Heavens and Kirsten Donovan<\/p>\n
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Petrobras seeks swift sale of Braskem, smoother offshore auction process - Reuters<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" LONDON (Reuters) - The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) said on Friday he wants to sell the companys stake in petrochemical company Braskem SA within a year. Continue reading