Brazil Petrobras mulls sale of foreign refining assets

10 July 2012 22:06  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Brazil’s state-controlled oil producer Petrobras is considering the sale of foreign refining assets as part of a divestment drive, the company said on Tuesday.

The company declined to give details on which assets could be sold.

“As part of the divestment programme foreseen in the 2012-2015 Business Plan, Petrobras is evaluating various assets, including refining assets that are abroad,” the company said.

Confirmation from Petrobras follows earlier reports from Brazilian publication Valor that Petrobras is looking to sell its refineries in Pasadena, Texas, and Okinawa, Japan, as well as the company’s 48.5% stake in Argentine electricity distributor Edesur.

Valor added that US companies Valero and LyondellBasell are interested in buying the Pasadena refinery.

Valero and LyondellBasell did not immediately reply to requests for information.

Petrobras announced in June plans to boost investment in exploration and production with a $236.5bn (€191.6bn) five-year investment plan.

The new spending programme will earmark more money for exploration and less for refining, reinforcing a shift toward more profitable activities, according to Petrobras.

($1 = €0.81)

By: Simon West

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