Petrobras extends talks with Alpek over sale of petchem units

Thursday, September 29, 2016

Brazil's state-run oil company Petrobras said Wednesday it has extended exclusive talks with Mexican firm Alpek for the sale of stakes in two petrochemical units.

The negotiations, which began in late July, center on Companhia Petroquímica de Pernambuco (Petroquímica Suape) and Companhia Integrada Têxtil de Pernambuco (Citepe).

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"The exclusivity period for the completion of negotiations has been extended by 30 days," Petrobras said in a statement

Petroquímica Suape and Citepe have manufacturing facilities at the Suape industrial hub in Brazil's northeastern state of Pernambuco.

Petrobras is selling around US$35bn of assets as it seeks to overcome the impact of a corruption scandal and lower oil prices.

Divestments have so far included the pre-salt Carcará field, the Nova Transportadora do Sudeste pipeline unit, and subsidiaries in Argentina and Chile.

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