Petrobras has initiated a sale process for its remaining assets in Argentina, the Brazilian state-owned oil company revealed on Wednesday.
The company confirmed in a regulatory filing it has “begun negotiations for the sale of its interest in Petrobras Argentina” as it responded to media reports about a possible disposal.
“Until now, there are no deals signed securing the conclusion of the transaction,” Petrobras added.
The beleaguered Brazilian giant is engaged in a major asset disposal programme and aims to sell holdings worth a total of $14.4 billion this year, having met its divestment target of only $700 million in 2015.
Petrobras is also cutting costs amid lower oil prices and a weaker Brazilian currency as it struggles with the costly fallout of a wide-ranging corruption investigation, dubbed Operation Car Wash.
Last year, the company agreed to sell upstream assets in Argentina’s Austral basin, including 26 onshore concessions, for $101 million to CGC.
石油圈
