Oct 3 Brazil’s Braskem SA, Latin America’s largest petrochemical producer, said on Monday it had entered talks with the U.S. Department of Justice and the Securities and Exchange Commission regarding an internal graft probe started in 2015.

Braskem said in a securities filing that it planned to begin a parallel process with Brazilian authorities and an eventual deal could result in “material financial obligations” and other possible sanctions. The company said it could not predict the duration or result of the ongoing talks. (Reporting by Brad Haynes and Paula Laier; Editing by Daniel Flynn)