Brazil’s Petrobras says to exit biofuels production

Brazil’s state-controlled oil company Petróleo Brasileiro SA said on Tuesday it will exit the biofuels sector, as the heavily indebted company seeks to prioritize investment in crude oil and gas production.

Petrobras, as the company is known, said biofuels would be one sector it plans to unload as part of sweeping asset sales plan. The company reaffirmed a $15.1 billion in asset sales for the 2015-2016 period and fetch an additional $19.5 billion through divestments and partnerships between 2017 and 2018.

Petrobras has a significant portfolio in biofuels. No specifics were provided on what years the sales were planned for.

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