Brazil's Petrobras sells $2.1B of non-core assets

|About: Petrobras - Petroleo Bras... (PBR)|By:, SA News Editor

Petrobras (PBR) has raised $2.1B from the divestment of holdings in a number of petrochemical and oil-exploration projects.

These include the sale of a 35% stake in a Santos Basin program to China's Sinochem for $1.54B. The other participants in the project are Shell (RDS.A) with 50% and ONGC with 15%.

Petrobras has also sold holdings in a petrochemical facility, a Gulf of Mexico bloc and a thermal energy company in Brazil.

Petrobras offloaded the assets to help finance a $237B five-year investment program. The firm had intended to sell $14.8B of assets this year but has reduced the target to $9B due to the difficulty of making the divestments.