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Petrobras to sell its 27.88% stake in the Deten Quimica petrochemical complex

Petrobras petrochemical complex_IFM_Image
The petrochemical complex is located in the northeastern state of Bahia

Brazilian oil giant Petrobras is planning to sell its 27.88 percent stake in the Deten Quimica SA petrochemical complex, according to a security filing. The firm has already begun the sale process for the petrochemical complex, which is located in the northeastern state of Bahia.

Recently, Petrobras also revealed that it is offering to buy up to $2.5 billion in global notes maturing between 2025 and 2050. The company said in a statement that it will issue new global notes maturing in 2051. However, the company did not elaborate further in this regard.

Last month, Petrobras has acquired BP’s stake in six offshore blocks in the Foz do Amazonas Basin. The financial details of this deal have not been disclosed. BP transferred its 30 percent stake in the offshore assets to Petrobras. This means now Petrobras owns a 100 percent stake in the blocks.

In this regard, Petrobras said, “The transaction is in line with the 2021-2025 Strategic Plan, which outlined new exploratory fronts outside the Southeast basins, and is part of the company’s portfolio-management process, prioritising investments in world-class deep-water and ultradeep-water assets.”

In 2020, Petrobras had set a new record for annual output. The oil company pumped an average of 2.28 million bpd in 2020. It broke its previous record of an average of 2.23 million bpd, which was set in 2015. According to Petrobras, it was greatly helped by the performance at the Buzios Field and improved corrosion-treatment efforts at its subsalt fields.

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