Window of opportunity for Petrobras asset sales
Brazilian company has ambitious divestment package but could be thrown off track by adverse economic conditions
Covid-19 has, for better or worse, initiated or accelerated wholesale structural changes across the energy sector. Producers have been forced to rethink their legacy business models, with uncertain energy demand and slumped oil prices, while governments have had to contemplate a future without assured oil revenues. In Brazil, structural reforms in the refining and natural gas sectors were already underway but have become more critical. State oil company Petrobras aims to offload eight refineries and several major natural gas pipelines and distribution companies, among other big ticket items, as part of its divestment drive to focus on core pre-salt oil production. Petrobras’ refining busin
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