Petrobras and Unipar in talks to amalgamate

With a view to boost production to world scale and increase competitiveness, Brazil's state-controlled oil company - Petroleo Brasileiro SA and União de Industrias Petroqumicas, are in talks to merge their stakes into a single company. The new company, to be called Cia. Petroquimca do Sudeste, will control manufacturing units producing thermoplastic resins and basic petrochemicals in Brazil's industrialized southeast. Unipar will control the new company. Petrobras and Unipar plan to sign an agreement within 90 days on how the new company will be structured. Petrobras, which agreed to buy Suzano Petroquimca SA for 2.7 billion reais (US$1.4 billion) earlier this month, is expanding its petrochemical holdings in an effort to increase revenues from rising oil output. Before the acquisition, Petrobras, Unipar and Suzano were partners in several petrochemicals plants in Sao Paulo and Rio de Janeiro, Brazil's two most industrialized regions. These plants include Petroquimca Uniao SA, Petroflex SA and Rio Polimeros SA.
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