December 6, 2019 / 2:30 PM / 3 months ago

CEO of Brazil's Petrobras objects to delay in Braskem sale

FILE PHOTO: Roberto Castello Branco, CEO of Brazil's state-run oil company Petrobras gestures during a ceremony of the return of funds recovered by Operation Lava Jato to Petrobras,in Curitiba, Brazil, July 25, 2019. REUTERS/Rodolfo Buhrer

LONDON (Reuters) - The chief executive of Brazilian state-run oil firm Petroleo Brasileiro SA said on Friday he wants to sell the company’s stake in petrochemical company Braskem SA within 12 months, adding that he strongly disagreed with reported plans to delay the sale.

On Monday, Reuters reported that creditors of corruption-ensnared construction conglomerate Odebrecht SA, which also has a large stake in Braskem, were in advanced talks to delay a sale for up to two years.

“To me, it means they do not want to sell anything,” CEO Roberto Castello Branco said during a meeting with investors in London.

Reporting by Noah Browning in London; Writing by Gram Slattery; Editing by Chizu Nomiyama

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