Petrobras and Odebrecht should have agreement on Braskem in 6 months, says CEO

July 6, 2020

Petrobras hopes to reach an understanding within six months with Odebrecht about a new shareholder agreement for petrochemical Braskem, in which both companies are partners, said CEO Roberto Castello Branco during an online event on Monday.

The new agreement, in which preferred shares would be converted into voting shares, would allow Petrobras to sell its stake in Braskem in a capital market transaction, he said.

Petrobras’ remaining stake in BR Distribuidora is ready to be sold, but the state-owned company is waiting for the best moment to go ahead with the operation.

“Current market conditions are not favorable for a follow-on operation,” said Castello Branco.

Source: TNPetrpleo