Petrobras to Sell $2.1 Billion in Oil and Petrochemical Assets

Petroleo Brasileiro SA, the most indebted publicly-traded oil company, has agreed to sell $2.1 billion of assets that include stakes in Brazilian and U.S. offshore petroleum fields.

China’s Sinochem Group is buying the Rio de Janeiro-based company’s 35 percent stake in the offshore Parque das Conchas project for $1.54 billion, Petrobras said in an e-mailed statement today. The license includes the Ostra field that pumped 21,000 barrels a day in June, according to the country’s oil regulator.

Brazil’s state-controlled producer also agreed to sell minority stakes in Gulf of Mexico oil fields for $185 million, a stake in a petrochemicals company for 870 million reais ($364 million), and a 20 percent stake in a power company in Brazil’s Rio Grande do Norte state for 38 million reais. The sales are subject to regulatory approval.

Petrobras is selling debt and $9.9 billion in assets to help finance about $47 billion a year of investments through 2017. It is scaling back its operations abroad and curbing cost growth in Brazil as it develops the largest group of crude discoveries in the past decade and builds refineries. Chief Financial Officer Almir Barbassa said Aug. 12 it would accelerate asset sales during the second half of this year.

In the Gulf of Mexico, Petrobras is selling stakes ranging from 33 percent to 100 percent in the MC 613, GB 244 and EW 910 blocks that are all in production, the company said without specifying the buyers.

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