Petrobras approves US$19bn capital raise
The board of Brazil's Petrobras has authorized the state-run firm to raise up to US$19.1bn in fresh capital this year.
Funds may come from financing deals with local or international lenders, the Rio de Janeiro-based firm said in a statement on Thursday.
"The [decision] does not obligate the company to [seek] the full amount," Petobras said.
As the world's most-indebted publicly traded oil company, Petrobras is struggling to raise cash for its multibillion-dollar offshore exploration and production program.
The company has been hit by the impact of falling oil prices and the so-called Car Wash fraud scandal that led to last month's resignation of CEO Maria das Graças Foster.
On Tuesday Petrobras announced plans to sell stakes in exploration and production assets as part of a US$13.7bn divestment program over the next two years.
Post-salt assets in the Campos basin, mature onshore blocks, production platforms and interests in Argentina and Japan are expected to be included in the sale.
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