Petrobras to prune - to sell petrochemical assets to Alpek S.A.B. de C.V. for US$385 mln

In a bid to raise cash and reduce debts, Brazilian state-run oil company Petróleo Brasileiro SA on has decided  to sell certain noncore business assets for US$587 mln. Its 45.97% stake in sugar and ethanol producer Guarani SA to France’s Tereos Internacional will be sold for US $202 mln, and its petrochemical assets will be sold to Mexican petrochemical company Alpek S.A.B. de C.V. for US$385 mln. The petrochemical sales includes its units Petroquimica Suape and Citepe in Pernambuco state, with capacity of 700,000 tpa of purified terephthalic acid (PTA) and 450,000 tons of polyethylene terephthalate (PET).  The deal will be subject to corporate and government approvals.

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