Petrobras Close to Selling Braskem Stake

Brazil's state-led oil company Petroleo Brasileiro SA is on the verge of selling its stake in Brazilian petrochemical company Braskem SA (BAK) and expects to complete the sale by the end of June, a Petrobras source told Reuters on Friday.

 

Petrobras, as the company is known, has received interest from major international chemical companies for its roughly one-third share of Braskem's total capital, the source said.

 

The source also said Petrobras has no plans to cut gasoline and diesel prices in the Brazilian market in 2016 and that it expects to reduce refined product imports this year to between 100,000 and 150,000 barrels a day.


(Reporting by Rodrigo Viga Gaier; Writing by Jeb Blount)