Americas News
Petrobras Could Sell $400M in Argentine Assets
Brazil’s Petroleo Brasileiro SA (Petrobras) is in advanced talks to sell $400 million worth of stakes in its refineries and other Argentinean assets to Oil Combustibles of Argentina, Reuters reports.
Petrobras had been taking bids for its assets in the country in December as part of an effort to raise $14.8 billion so that it can make new investments, but it has had difficulty selling some assets, including Gulf of Mexico offshore oil and gas exploration licences.
Fuel subsidies and declining production in Brazil have hurt the company’s gas flow and driven its debt limits higher than it had wanted.
Bloomberg reports in December and January suggested that Petrobras Argentina SA could be acquired by state-owned YPF SA or by another Argentine company, Grupo Indalo.
