Petrobras falls short of asset-sales target

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

Petrobras (NYSE:PBR) announced a flurry of asset sales as the year wound down, selling a total value of $13.6B over the 2015-2016 period, but still missed its $15.1B divestment target.

The shortfall was attributed to a court order that blocked the sale of various oil fields in Brazil.

As a result, Petrobras raised its 2017-2018 divestment goal to $21B from $19.5B, trying to tackle $123B in debt.