Petrobras delays Argentine petrochemicals sale amid corruption probe

17-Dec-14

Petroleo Brasileiro SA has received a joint offer for its 34% stake in Cia. Mega SA from partners YPF and Dow Chemical, as per Bloomberg. Buenos Aires-based YPF owns 38% of Mega and Dow has 28%. Petrobras is delaying its exit from Argentina’s petrochemical business as it focuses on a graft case in Brazil, people familiar with the process said. An expanding investigation into Brazilian contractors that allegedly bribed Petrobras officials is cutting off its access to debt markets, slowing signing of new contracts and has helped push down the stock by 63% since September. The oil producer began marketing assets in Argentina -- including a refinery, petrochemical plants and oil and gas fields in March as part of a global divestment plan intended to focus on its Brazilian oil fields.