Petrobras Ready to Act if Bids for Braskem Stake Move Ahead

Brazil’s state-controlled oil company Petrobras is closely following negotiations for a majority stake in petrochemicals producer Braskem SA and will be ready to act if any of the proposals go forward, Chief Financial Officer Sergio Caetano Leite said during a press conference Friday.

Petroleo Brasileiro SA, as it is formally known, has the second-largest stake in Braskem and considers petrochemicals a strategic business because the energy transition could make motor fuels less profitable, Leite said. Petrobras has rights of first refusal for the controlling stake in Braskem, which engineering conglomerate Novonor is trying to sell.