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Brazilian President Bolsonaro is considering Petrobras privatisation

Petrobras privatisation-IFM-image
A decision however is not been made as of yet

Brazilian President Jair Bolsonaro is considering the privatisation of state-owned oil giant Petrobras, according to media reports. A decision, however, is yet to be taken.

Bolsonaro told a local radio station, “I want to privatise Petrobras, yes, I do. I shall see together with the economic team what we can do.”

Recently, Brazil’s Minister of the Economy Paulo Guedes also revealed that the Jair Bolsonaro led administration will privatise Petrobras within a decade.

He told the media, “What is the plan for the next 10 years? Continue with the privatisations. Petrobras, Banco do Brasil, everyone getting in line, getting sold and transforming into social dividends.”

In June, it was reported that Petrobras is planning to sell its 27.88 percent stake in the Deten Quimica SA petrochemical complex. The firm has already begun the sale process for the petrochemical complex, which is located in the northeastern state of Bahia.

During the same period, 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.

In August, Petrobras extended the deadline to sign sales contracts for its refineries. This was the second time Petrobras extended the deadline mainly due to delays caused to site visits by the ongoing coronavirus pandemic.

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