Pertrobras sells oil assets for USD2 billion

August 17
11:27 AM 2013

Petróleo Brasileiro SA (Petrobras) has sold oil stakes on different petrochemical and oil explorations projects.The sale of several of the Brazilian state-controlled company raised USD2 billion on Friday. 

Petrobras sold to China's Sinochem Co Ltd its 35% investment in a Santos Basin oil exploration project for USD1.54 billion.The deal also included all the shares owned by Petrobras in a petrochemical compound, investments in a Gulf of Mexico bloc and a thermal energy business in Brazil.

Petrobras aspires to put money into its five-year venture plan worth USD237 billion.The company dropped its forecasted value for assets by 40% earlier in March to discard non-core properties and safeguard cash. 

Petrobras Chief Financial Officer Almir Barbassa stated earlier in this week that the majority of the five-year asset sale plan will be accomplished within the year. The company's shares had experienced a 20% weakening for twelve months as result of Petrobras' rising debt, its overstretching of objectives  and increase in ventures. 

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