RIO DE JANEIRO: Brazilian state oil company Petrobras will sell its share in Braskem, the largest petrochemical company in Latin America, as part of its massive divestment process, local media said Wednesday.
According to daily Folha de Sao Paulo, Petrobras has hired the Bradesco bank to seek out potential clients for its share in Braskem, with Canadian company Brookfield reportedly interested.
Petrobras possesses Braskem assets worth around 5.3 billion reais (1.325 billion U.S. dollars), including 36.1 percent of its total capital.
Beset with colossal debt and involved in a major corruption ring which embezzled at least 2 billion U.S. dollars from 2004-2014, the company is struggling to reform itself.
In recent months, an investigation into corruption within its ranks has seen dozens of Petrobras executives, contractors and political connections arrested, tried and jailed.
The company is also seeking to divest itself of 15.1 billion U.S. dollars in assets in 2015-2016, with 700 million U.S. dollars in sales having already been completed.
