MOSCOW (MRC) -- Petroleo Brasileiro S.A. (Petrobras) further to the material fact disclosed on December 28, 2016, informs that the sale transaction of the full interests held by its wholly-owned subsidiary Petrobras Biocombustivel S.A. in Guarani S.A. was concluded on 3 February, as per the company's statement.
The transaction was concluded upon the payment of USD 202.75 million by Tereos Participations SAS, after fulfilling all preceding conditions set forth in the agreement.
This transaction is part of the partnership and divestment program that reached USD 13.6 billion in 2015-2016 period. The sale is aligned to Petrobras’ Strategic Plan/2017-21 Business and Management Plan, which aims to optimize the business portfolio, withdrawing entirely from biofuel production activities.
The project is one of the five transactions which the contracts may be signed pursuant to the preventive order of the Brazilian Federal Accounting Court (TCU), as disclosed in the material fact announced on December 20, 2016.
As MRC informed before, in early 2016, Petrobras said it is seeking to sell its 5.8 billion Brazilian real (USD1.4 billion) stake in petrochemical producer Braskem SA. Petroleo Brasileiro SA (Petrobras) has hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors. Petrobras owns a 36 percent stake in Braskem, Latin America's largest petrochemical producer. The sale would help Petrobras meet its target of selling USD15.1 billion worth of assets in 2015-16, a key part of its plan to cut debt as oil prices plunge to 12-year lows.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.