Petrobras may extend time to sell Braskem, refineries

Petroleo Brasileiro SA plans to give more time for potential investors to make offers for the company’s assets, including for its refineries and stakes at its petrochemical and fuel distribution affiliates, Chief Executive Officer Andrea Almeida said.

The divestment of Petrobras’ stake at petrochemical company Braskem SA (BRKM5.SA) in 2020 would be desirable but “might not be possible” as the new coronavirus changed the market’s scenario, she said. The same applies to its stake at Petrobras Distribuidora SA, Almeida said, adding the company won’t sell it ‘at any cost’. Almeida added the oil company plans to have closed part of its refinery units sales in 2021.

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