Здравствуйте. Вся информация этого сайта бесплатна. Вы можете сделать пожертвование и поддержать наше развитие. Спасибо.

Hello. All information of this site is free of charge. You can make a donation and support our development. Thank you.

2015-03-03 20:35:00

PETROBRAS WILL SELL $13.7 BLN

PETROBRAS WILL SELL $13.7 BLN

Petróleo Brasileiro SA plans to dispose of as much as $13.7 billion in assets this year and next as part of efforts by Brazil's largest state-controlled company to reduce debt and protect cash.

In a securities filing on Monday, the oil company commonly known as Petrobras raised the target for assets sales from the $5 billion to $11 billion originally included in its $221 billion, five-year capital spending plan unveiled in February last year.

According to the revision, divestitures in exploration and production locally and overseas are expected to account for 30 percent of asset sales targeted in the period. Gas and energy assets could account for 40 percent of that amount, with the remaining coming from assets related to distribution.

"This plan is part of a strategic approach by the company aimed at cutting debt, preserve cash and focus on priority investments, especially in oil and gas output in Brazil in areas of elevated productivity and returns," the filing said.

Last week, Reuters reported that Petrobras had hired JPMorgan Chase & Co to handle asset sales this year, as fallout from a corruption scandal shut access to capital markets financing for the Rio de Janeiro-based company.

Chief Executive Officer Aldemir Bendine, who took office about a month ago, has made investment cuts and asset divestitures the cornerstone of his plan to restore confidence in the scandal-battered company. A reduction in the company's capital spending plan is also widely expected.

Asset sales have become imperative for Petrobras now that Moody's Investors Service has stripped the company of its investment-grade rating and warned further cuts are possible. Worries over a looming cash shortage and the scandal were behind the downgrade, Moody's said.

According to two sources with knowledge of the situation, JPMorgan would be tasked with wooing the largest number of bidders possible for the assets and then structure the sales. Properties and some non-core drilling licenses are among assets that could be put on the block, one of the sources said.

In a separate filing, Petrobras said it hired PricewaterhouseCoopers to audit its earnings reports for 2015 and 2016.

Petrobras preferred shares shed 1.8 percent to 9.40 reais on Monday. The stock has fallen 59 percent since prosecutors began to escalate the corruption investigation late in September.

reuters.com

Tags: PETROBRAS, OIL, GAS, BRAZIL,

Chronicle:

PETROBRAS WILL SELL $13.7 BLN
2018, July, 16, 10:35:00

CHINA'S INVESTMENT FOR NIGERIA: $14+3 BLN

AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.

PETROBRAS WILL SELL $13.7 BLN
2018, July, 16, 10:30:00

LIBYA'S OIL DOWN 160 TBD

REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.

PETROBRAS WILL SELL $13.7 BLN
2018, July, 16, 10:25:00

BAHRAIN'S GDP UP 3.2%

IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.

PETROBRAS WILL SELL $13.7 BLN
2018, July, 16, 10:20:00

NIGERIA'S GDP UP 2%

IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.

All Publications »