Petrobras seeks swift sale of Braskem, smoother offshore auction process

The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA (Petrobras) said on Friday he wants to sell the company’s stake in petrochemical company Braskem SA within a year.

At the London leg of an international investor roadshow, top Petrobras officials presented plans to sell tens of billions of dollars in assets to reduce a hefty debt load.

However, creditors of corruption-ensnared construction conglomerate Odebrecht SA, which also has a large stake in Braskem, are in advanced talks to delay the sale of the crown jewel asset for another two to three years, Reuters reported on Monday.

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