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According to The Wall Street Journal, the company put up for sale 45.97% stake in sugar and ethanol producer Guarani SA of French company Tereos Internacional in the amount of $ 202 million.
In a separate statement, Petrobras representatives added that they have agreed on sale of certain assets in Mexican petrochemical company Alpek S.A.B. de C.V. for $ 385 million. These measures have been taken within the company's plan to pare debt. Petrobras has already sold $ 13.6 billion of assets in the period from 2015 to 2016.
Despite all efforts, the Brazilian company could not fully realize annual program for sale of assets amounting to 15.1 billion dollars. 13.6 billion dollars is maximum of what the company has managed to achieve by now.
Latest sale of petrochemicals and sugar and ethanol assets brought 587 million dollars. The company explained the target would have been achieved if legal authorities permitted other deals.
The court has blocked negotiations on shelf deposits Tartaruga Verde and Bauna, related to strategic pre-salt deposits. The deals have been moved to the next year, which means that the sales program for the 2017-2018 year will be expanded to 21 billion dollars.
Arbitration considers that the corporation must fully report to the authorities and be completely transparent when selling its property. Therefore, the court allowed the company to complete realization of five assets worth about 3.3 billion dollars, yet asked to refrain from new transactions to carefully study those already committed.
Petrobras called the court’s decision "positive in a sense", as now the company can complete already initiated transactions without haste. On the other side, the sales program, vital to the company, had to be stopped. This, in turn, has had a negative impact on Petrobras’ performance.
The largest oil company in Brazil is going through hard times. It has been forced to sell some of assets due to a loud corruption scandal involving many high-ranking officials of the country, including President. Low oil prices were another unfavorable condition.
Debt of the state-owned company in the second quarter of 2016 was $ 125 billion. Thus, the company has decided to adopt a program to optimize costs, namely, sale of assets, reduction of staff, cutting investment in exploration, production and development of oil fields. Now, Petrobras is looking for buyers for its more than 30 oil projects worth up to $ 40 billion. In addition, Head of Petrobras said that staff reduction would continue. Currently, the company is looking for partners for its refineries, which have been bringing nothing but losses in last four years.
Petrobras’ net loss in Q3 2016 increased fivefold compared to the same period in 2015. Back then, the company's net loss amounted to just over $ 1 billion.
Petrobras’ revenues in Q3 2016 amounted to $ 21.69 billion.
Loss per share amounted to 0.41 US dollars at the end of the reporting period, showing a decrease of 4.5 times yoy.
The company's total debt has decreased by 3% since beginning of 2016 and amounted in Q3 to $ 122.65 billion.
source: wsj.com
In a separate statement, Petrobras representatives added that they have agreed on sale of certain assets in Mexican petrochemical company Alpek S.A.B. de C.V. for $ 385 million. These measures have been taken within the company's plan to pare debt. Petrobras has already sold $ 13.6 billion of assets in the period from 2015 to 2016.
Despite all efforts, the Brazilian company could not fully realize annual program for sale of assets amounting to 15.1 billion dollars. 13.6 billion dollars is maximum of what the company has managed to achieve by now.
Latest sale of petrochemicals and sugar and ethanol assets brought 587 million dollars. The company explained the target would have been achieved if legal authorities permitted other deals.
The court has blocked negotiations on shelf deposits Tartaruga Verde and Bauna, related to strategic pre-salt deposits. The deals have been moved to the next year, which means that the sales program for the 2017-2018 year will be expanded to 21 billion dollars.
Arbitration considers that the corporation must fully report to the authorities and be completely transparent when selling its property. Therefore, the court allowed the company to complete realization of five assets worth about 3.3 billion dollars, yet asked to refrain from new transactions to carefully study those already committed.
Petrobras called the court’s decision "positive in a sense", as now the company can complete already initiated transactions without haste. On the other side, the sales program, vital to the company, had to be stopped. This, in turn, has had a negative impact on Petrobras’ performance.
The largest oil company in Brazil is going through hard times. It has been forced to sell some of assets due to a loud corruption scandal involving many high-ranking officials of the country, including President. Low oil prices were another unfavorable condition.
Debt of the state-owned company in the second quarter of 2016 was $ 125 billion. Thus, the company has decided to adopt a program to optimize costs, namely, sale of assets, reduction of staff, cutting investment in exploration, production and development of oil fields. Now, Petrobras is looking for buyers for its more than 30 oil projects worth up to $ 40 billion. In addition, Head of Petrobras said that staff reduction would continue. Currently, the company is looking for partners for its refineries, which have been bringing nothing but losses in last four years.
Petrobras’ net loss in Q3 2016 increased fivefold compared to the same period in 2015. Back then, the company's net loss amounted to just over $ 1 billion.
Petrobras’ revenues in Q3 2016 amounted to $ 21.69 billion.
Loss per share amounted to 0.41 US dollars at the end of the reporting period, showing a decrease of 4.5 times yoy.
The company's total debt has decreased by 3% since beginning of 2016 and amounted in Q3 to $ 122.65 billion.
source: wsj.com
