Petrobras Plans to Sell $13.7bln in Assets

State-controlled Petróleo Brasileiro SA plans to sell $13.7 billion in assets for this and next year, as part of efforts to reduce debt and protect cash, the company said in a statement on Monday.

 

Petrobras, as the company is commonly known, expects divestitures in exploration and production locally and overseas to account for 30 percent of asset sales in the period, the statement said. Gas and energy asset sales could account for 40 percent of that amount, with the remaining coming from distribution-related assets.

 

In a separate statement, Petrobras said it had hired PricewaterhouseCoopers to audit its earnings reports for 2015 and 2016.