Petrobras Denies Talks with Mubadala Regarding Braskem

Brazilian oil company Petrobras announced today, Tuesday, that it is "not conducting any asset sales in the private market" and denied holding talks with Abu Dhabi's Mubadala Investment Company regarding its stake in petrochemical firm Braskem. This statement from Petrobras followed comments made by Braskem's stakeholder Novonor on Friday, which, in response to local media reports, stated that it "has not received any proposals from parties that might be interested in buying its controlling stake in Braskem." The company mentioned that "regarding the news circulated in the media, Petrobras has informed that it is not engaged in any sales in the private market and is not involved in the mentioned negotiations." Furthermore, it added that the information suggesting that the company is seeking a partnership with Mubadala to exchange shares in a refinery... in Bahia for shares in Braskem is incorrect.