The Brazilian oil and gas group Petrobras has initiated the divestment phase of several assets in Paraguay and Brazil, in line with its US$21bn divestment programme for 2017-2018.
Petrobras is the largest fuel distributor in Paraguay but will sell its entire equity stake in several gas distribution and trading companies in the country, namely: Petrobras Paraguay Distribución Limited (PPDL), Petrobras Paraguay Operaciones y Logística SRL (PPOL), and Petrobras Paraguay Gas SRL (PPG). The deal includes 197 service stations and 113 convenience stores.
In the meantime, Petrobras has announced the sale of its 70% operating stake in the Brazilian shallow waters offshore Maromba Field in the Campos Basin. Chevron Brasil Petróleo is the other shareholder with a 30% stake and will join the sale process; the entire project stake will be offered in the potential transaction. The field is considered to be economically attractive and was declared "commercial" in 2006.
Petrobras faced a massive corruption scandal in 2016 and is also attempting to stabilise its huge debt by reducing costs, selling assets and cutting capital spending. In March 2017, the company unveiled losses amounting to US$4.8bn (57% higher than in 2015) and now has a net debt estimated at US$96.4bn.