Petrobras hires adviser for Braskem sale

Petrobras hires adviser for Braskem sale

Corporate & Sovereign Strategy M&A Energy Gas Oil Latin America South America Brazil

Brazil’s state-run oil company Petrobras said it has hired JPMorgan Chase to advise it on the sale of its 36.1% holding in Braskem, a local petrochemical producer. Petrobras executives announced the deal last week in a conference call with investors, without providing further details. Petrobras is selling assets to reduce its debt as it focuses more on oil and natural gas exploration and production. It has sold pipeline operators, mature oil fields, a refinery and other assets. Braskem’s other m

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