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2016-05-05 18:25:00

PETROBRAS SELLS $1.4 BLN

PETROBRAS SELLS $1.4 BLN

Brazilian state-run oil firm Petróleo Brasileiro SA said late Tuesday that it has sold stakes in its Argentina and Chile subsidiaries, some of the first positive signs that the company's aggressive effort to shed assets is gaining traction.

Petrobras said that it sold a 67% stake in its Petrobras Argentina subsidiary to Pampa Energía, an Argentinean energy firm, for $892 million. Petrobras had previously disclosed that it was in negotiations with Pampa Energia.

Petrobras says it also sold its Petrobras Chile subsidiary to Southern Cross Group, an Argentina-based private-equity firm, for $490 million.

Petrobras still has a long way to go to meet its asset sale targets, get out from underneath the lingering affects of a massive corruption scandal, and pay down its debt burden, the largest in the global oil industry.

The sales announced Tuesday are part of a $15.1 billion divestment plan that Petrobras announced in the middle of last year. Company executives have said they are confident they can hit that target by the end of 2016, but so far the company has struggled to sell assets as the oil industry at large dealt with low oil prices.

Petrobras's gross debt swelled to BRL799.25 billion at the end of 2015, 10% more than a year earlier.

While the company looks to shed assets, it has also significantly cut back on its investment program. Petrobras said earlier this year that it will invest $98.4 billion in the 2015-19 period, down from a June 2015 projection of $130.3 billion. The company reduced its targets for oil production in Brazil by 40,000 barrels a day in 2016 and 100,000 barrels a day in 2020.

wsj.com

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Earlier: 

BRAZIL & VENEZUELA IN SHOCK 

PETROBRAS CUTS 12,000 JOBS 

PETROBRAS SALE $1.5 BLN 

PETROBRAS STRIKE & SLASH 30% 

PETROBRAS CUTS BUDGET $3 BLN 

PETROBRAS 37% DOWN 

PETROBRAS: MORE CORRUPTION

 

 

Tags: PETROBRAS, OIL, GAS

Chronicle:

PETROBRAS SELLS $1.4 BLN
2018, April, 18, 13:04:00

U.S. INDUSTRIAL PRODUCTION UP 0.5%

FRB - Industrial production rose 0.5 percent in March after increasing 1.0 percent in February; the index advanced 4.5 percent at an annual rate for the first quarter as a whole. After having climbed 1.5 percent in February, manufacturing production edged up 0.1 percent in March. Mining output rose 1.0 percent, mostly as a result of gains in oil and gas extraction and in support activities for mining. The index for utilities jumped 3.0 percent after being suppressed in February by warmer-than-normal temperatures. At 107.2 percent of its 2012 average, total industrial production was 4.3 percent higher in March than it was a year earlier. Capacity utilization for the industrial sector moved up 0.3 percentage point in March to 78.0 percent, a rate that is 1.8 percentage points below its long-run (1972–2017) average.

PETROBRAS SELLS $1.4 BLN
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KUWAIT'S INVESTMENT $113 BLN

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PETROBRAS SELLS $1.4 BLN
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ЦЕНА URALS: $ 65,80125

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PETROBRAS SELLS $1.4 BLN
2018, April, 16, 09:50:00

OIL PRICE: NOT ABOVE $72

REUTERS - Oil prices slipped with Brent crude futures LCOc1 off 66 cents at $71.92 a barrel, while U.S. crude CLc1 fell 56 cents to $66.83 a barrel.

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