Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Petrobras considers selling Gulf of Mexico assets - newspaper

Published 31/05/2015, 16:47
© Reuters.  Petrobras considers selling Gulf of Mexico assets - newspaper
BNPP
-
PBR
-

BRASILIA (Reuters) - Brazilian state-run oil company Petrobras (SA:PETR4) is considering selling some of its assets in the Gulf of Mexico as part of a divestment plan to shore up its finances, local daily Folha de S.Paulo reported on Sunday.

Petroleo Brasileiro SA, as the company is formally known, has hired BNP Paribas (PA:BNPP) to study the possible sale of its stake in off-shore oilfields in the region, which are worth about $8 billion, the newspaper said without citing sources.

Officials with Petrobras and BNP Paribas were not immediately available for comment.

Facing a corruption scandal that has dragged down its market value, Petrobras, one of the world's most indebted companies, said in March it plans to sell as much as $13.7 billion in assets this year and next to reduce debt and protect cash.

In 2013, Petrobras had trouble selling fields in the Gulf of Mexico as the value of those assets fell at the time.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.