Brazil Supports Petrobras Retaining Stake in Braskem

Brazilian Minister of Mines and Energy Alexandre Silveira indicated on Friday that the government supports Petrobras retaining its stake in the petrochemical company Braskem, amidst several offers made to the company. Silveira stated to reporters in Rio de Janeiro, "The petrochemical sector is strategic for the country and essential for its growth... We have no justification to lose our leadership in the petrochemical sector." State-controlled Petrobras is one of the main shareholders in Braskem, alongside Novo Nordisk, which holds a controlling stake. However, Petrobras is considering selling its stake in Braskem after receiving bids from Unipar Carbocloro, Apollo, and the Abu Dhabi National Oil Company (ADNOC).