Petrobras has added the proposed sale of the Pasadena Refinery System Inc.’s refinery in Texas to its revised divestment portfolio.
It also intends to sell its interest in Petrobras Oil & Gas B.V (PO&G), which owns assets in Africa.
The modified plan has been issued in order to comply with the decision by the Federal Accounting Court (TCU) issued in mid-March this year, which allowed Petrobras to resume their divestment programme.
In order to follow the guidance set by the company’s strategic plan, as well as the court ruling, any potential sale opportunities would have to be submitted to the Executive Board for approval.
After permission is granted the company would then have to disclose details to the markets in a timely manner.
Petrobras added that its divestment programme is subject to change due to market conditions.
It confirmed that the programme would comply with the company’s 2017-2021 Strategic Plan which aimed to reduce the risk of Petrobras’ operation in areas such as exploration, production and refining.
The company also confirmed that it hopes to raise $21 billion from its partnerships and divestment project, an increase from the $19.5 billion estimated in its strategic plan.