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Petrobras hikes 2017 fundraising forecast, cuts divestment target
November 14, 2017 / 1:32 PM / in 5 days

Petrobras hikes 2017 fundraising forecast, cuts divestment target

RIO DE JANEIRO, Nov 14 (Reuters) - Brazil’s Petroleo Brasileiro SA, the world’s most indebted oil company, nearly doubled its fundraising forecast for 2017 but trimmed its target for divestments.

In a presentation following disappointing third quarter results, Petrobras said it expects to raise $22 billion in funds this year compared to a prior forecast of $13 billion.

It expects to divest $7 billion this year, excluding a planned initial public offering for fuel distribution unit BR Distribuidora, below the $8 billion it forecast previously. (Reporting by Marta Nogueira; Writing by Alexandra Alper)

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