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Brazil Energy Ministry Asks Petrobras to Suspend Asset Sales for 90 Days

By Jeffrey T. Lewis

 

SÃO PAULO--Brazil's Ministry of Mining and Energy has asked state-controlled oil company Petróleo Brasileiro SA, or Petrobras, to suspend asset sales for 90 days while the ministry reevaluates its national energy policy, the oil company said Wednesday.

Petrobras said its board will assess sale processes that are currently under way for any legal or governance issues, as well as any potential punitive clauses that could be activated. The company will divulge any relevant information, Petrobras said.

Rio de Janeiro-based Petrobras has for several years been selling off a series of assets, including onshore oil fields, shallow-water offshore fields, refineries and stakes in related companies. It said the goal of these divestitures was to reduce debt and focus its financial resources on production from its rich, deep-water fields off the coasts of the Rio de Janeiro and São Paulo states.

 

Write to Jeffrey T. Lewis at jeffrey.lewis@wsj.com

 

(END) Dow Jones Newswires

March 01, 2023 10:26 ET (15:26 GMT)

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