Petrobras Preps Divestment Plan

Brazil’s Petrobras will soon begin executing its planned $14bn divestment of assets, as a part of the oil company’s ambitious investment program. The divestment plan is expected to begin sometime before mid-year, an official confirms. Petrobras has considered selling off some non-core businesses in part to help finance its $225bn 5-year capex program. Officials at Petrobras could not immediately say what type of assets the company seeks to sell or if it has hired advisors. Most of Petrobras’ ventures remain in the exploration stage and many have seen delays in execution, an issue that is putting pressure on suppliers and other service companies.