May 2016, Vol. 243, No. 5

Web Exclusive

Petrobras Sells $1.4 Billion in Assets Amid Political Turmoil

Petroleo Brasileiro, Brazil’s state-owned, heavily indebted oil giant, has closed the sell-off of its Argentinean business to local Pampa Energia for US$892 million and its Chilean subsidiary to investment firm Southern Cross for $490 million. The combined value of the deals represents a small portion of its $15-billion divestment plan for this year, but they are certainly a start. Petrobras, which is struggling under a debt burden of $100 billion, also announced a $1-billion loan taken from China’s Exim Bank, which will be used to cover payments for “equipment and goods.” Petrobras is in a difficult place right now. It’s under investigation as part of the largest corruption scandal to hi

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