New From PetroChem Wire . . . .
NGLs Week is PetroChem Wire's comprehensive summary of price trends, upstream and downstream costs, operations news and supply/demand forecasts. The report contains everything you'll need to understand what's happening in the NGL markets.
For more information,
Petrobras slashes budget, to exit petchems business to reduce debt
HOUSTON, September 20, 2016 (PCW) – Petrobras on Tuesday said it would sell $19.5 billion in assets between 2017 and 2018 and reduce spending to $74.1 billion from $98.4 billion through 2019.
The state-owned Brazilian firm also said it would exit several business, namely petrochemicals and biofuels, in order to reduce debt. Low oil prices have hit the company’s bottom line as has Brazil’s deepening recession.
Petrobras owns the Camperj petchems complex in Rio de Janeiro and has a 36% stake in Braskem. Since the beginning of this year, there has been market chatter involving the sale of Petrobras’ stake. Braskem’s controlling shareholder is the Odebrecht Group, also based in Brazil. -- Samantha Hartke