Petrobras considers selling some ethanol mills, say sources

Petrobras is studying to sell some ethanol mills within its divestment plan, said two sources with knowledge of the matter, and can focus on more profitable niches for the company in the biofuels market. “That, yes, it’s an argument. You may be in business, creating value and not be in any chain, which goes from ethanol production to the sale”, said one of the sources with direct knowledge of the state’s plans.

“As we have logistics assets, and they are many and huge, can generate much more value in logistics than in production”,  added the source who asked not to be identified. Petrobras has shown assets to potential buyers, said a second source to Reuters after being briefed on the company’s plans.

Both sources asked not to be identified, since the state hasn’t taken a decision yet.

Petrobras, which is at the center of a corruption scandal, should disclose the details until July of a deep reduction in investments of around 30 percent in its Business Plan and Management 2015-2019. The deviations of money of contracts of the state-owned company for contractors, politicians and company executives, the fall in oil prices, stagnant production and the highest cumulative global debt by an oil rig forced the company to review its investments.

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