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Petrobras denies hiring J.P. Morgan for subsalt license sales

  • Petrobras (NYSE:PBR) denies it has hired JPMorgan Chase to handle the sale of oil exploration licenses in deep-sea areas off Brazil's coast.
  • In a securities filing, PBR reiterated the need to reduce capital investments, dispose of assets and step up divestitures to preserve cash, but it also said JPM did not have a mandate to map out potential investors interested in acquiring licenses for its subsalt oil reserves.
  • Reuters reported earlier this week that Petrobras had hired JPM to advise on the sale of ~$3B in assets, as fallout from Brazil's corruption scandal had shut access to financing.

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