12/01 Closing prices / revised 12/01/2023  21:59 GMT 11/30    OPEC Basket    85.00   +1.11 | 12/01    Mexico Basket (MME)   $69.83  -3.76 | 10/31     Venezuela Basket (Merey)  $72.54  – 3.00  (Source: Economia Hoy)  | 12/01     NYMEX WTI Texas Intermediate January CLF24   $74.07   -1.89   | 12/01     ICE Brent January  BRNF24   $78.88  -1.98  | 12/01     NYMEX Gasoline December  RBZ23    $2.12  -2.5% | 12/01     NYMEX  Heating Oil  December HOZ23   $2.66  -3.4% | 12/01      Natural Gas January NGF24    $2.81 +0.4%  | 12/01    Active U.S. Rig Count (Oil & Gas)    625     +3    | 12/01      USD/MXN Mexican Peso  17.1881 (data live  | 12/01     EUR/USD    1.0804  (data live)  | 12/01      US/Bs. (Bolivar)   $35.58060000  ( data BCV)    |      

Petrobras Wants to Stay at Braskem But Not Make It State-Owned – Bloomberg

Mariana Durao and Vinícius Andrade, Bloomberg News

EnergiesNet.com 08 11 2023

Petrobras is not interested in turning Braskem SA into a government-owned firm and top management signaled it would make sense for the petrochemicals producer to have a strategic partner, according to people familiar with the matter.

Braskem shares jumped as much as 9.8% to 25.7 reais ($5.26) in Sao Paulo. The news was first reported by Valor Economico. 

In a private call with analysts Thursday, Petrobras Chief Executive Officer Sergio Caetano Leite said Brazil’s state-controlled oil company considers petrochemicals a strategic business as the transition to green energy could make gasoline less profitable. “All the large integrated companies have a relevant petrochemicals division,” he said Friday during an earnings call.

Petroleo Brasileiro SA, as it is formally known, is Braskem’s second-biggest shareholder. It has tag-along rights and rights of first refusal for the controlling stake in Braskem, which engineering conglomerate Novonor SA is under pressure to sell. 

Petrobras officials said they will wait for Novonor’s decision before making any moves, according to the people. Petrobras said in an email it is still assessing the best strategy for the petrochemicals sector and for Braskem.

Read More: Petrobras Sees Flurry of Stock Downgrades on Policy Concerns

Since May, Novonor has received non-binding offers for Braskem from Unipar Carbocloro SA, J&F Investimentos SA, and a third from Abu Dhabi National Oil Co. and Apollo Global Management. Petrobras doesn’t see any of the offers advancing and plans to keep at least its current stake in the company, the person said.

bloomberg.com 08 10 2023

Share this news

Support EnergiesNet.com

By Elio Ohep · Launched in 1999 under Petroleumworld.com

Information & News on Latin America’s Energy, Oil, Gas, Renewables, Climate, Technology, Politics and Social issues

Contact : editor@petroleuworld.com

CopyRight©1999-2021, EnergiesNet.com™  / Elio Ohep – All rights reserved

This site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a ‘fair use’ of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond ‘fair use’, you must obtain permission fromPetroleumworld or the copyright owner of the material.

Scroll to Top