Brazil’s Petrobras says political turmoil unlikely to affect asset sales

Brazil’s state-controlled oil company Petroleo Brasileiro SA does not expect political turmoil caused by a massive corruption investigation to affect its asset sales and debt reduction program, Chief Executive Officer Pedro Parente said Thursday.

The Petrobras CEO also said the company will not stop deleveraging once the target of 2.5 times EBITDA is reached. He said a level of 1.5 times EBITDA, or earnings before interest, tax, depreciation and amortization, is more appropriate.

(Reporting by Daniel Flynn; Writing by Ana Mano)

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