Brazilian state-run oil company Petrobras said on Friday it expects to sell 100% of its preferred stake in petrochemical producer Braskem SA by February. The detailed timeframe came after Petrobras announced earlier in the day that the move was planned for the first quarter of 2022.
Petroleo Brasileiro SA, as the company is formally known, also reiterated in a securities filing that the move will be conducted through a joint follow-on share offering with conglomerate Novonor.
The oil giant has hired JPMorgan to manage the offer. Petrobras had repeatedly expressed its intention to sell its 36.1% stake in the petrochemical company. Novonor, formerly known as Odebrecht, holds a 38.3% stake in Braskem.
Created in August 2002 by the merger of six companies from the Odebrecht Group and the Mariani Group, today Braskem is the largest petrochemical company in the Americas and the world’s leading biopolymer producer. Braskem produces polyethylene (PE), polypropylene (PP) and polyvinyl chloride (PVC) resins, as well as basic petrochemicals such as ethylene, propylene, butadiene, chlorine, benzene, toluene, etc.
Braskem operates in the chemical and petrochemical industry and plays a significant role in other production chains that are essential to economic development. In this context, chemicals and plastics help create sustainable solutions that improve people’s lives in areas such as housing, food and transportation.