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.…
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