Petroleo Brasileiro Petrobras SA Plans To Sell All Refineries Outside Brazil-Reuters


Thursday, 29 Nov 2012 04:18pm EST 

Reuters reported that Petroleo Brasileiro Petrobras SA plans to sell all its refineries outside of Brazil as part of an asset-sale plan aimed at helping finance expansion at home. The Company hopes to sell $14.8 billion of assets this year as soaring costs, falling production and rising fuel imports have crimped Petrobras' ability to pay for a $237 billion five-year expansion plan, the corporate investment program. Previously Petrobras had only expressed interest in selling its U.S. refinery, which it plans to sell along with all or part of its nearby oil exploration and production blocks in the Gulf of Mexico. It also owns refineries in Argentina and Japan. 

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