Brazil’s state-controlled oil producer Petrobras is seeking to sell its 5.8 billion Brazilian real ($1.4 billion) stake in petrochemical producer Braskem SA, newspaper Folha de S. Paulo reported on Wednesday.
Petróleo Brasileiro SA (Petrobras) has hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors, Folha said, without naming sources.
Petrobras owns a 36 percent stake in Braskem, Latin America’s largest petrochemical producer. The sale would help Petrobras meet its target of selling $15.1 billion worth of assets in 2015-16, a key part of its plan to cut debt as oil prices plunge to 12-year lows.
Brazil Energy Insight 
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