BRASILIA, Jan 13 (Reuters) - Brazil’s state-controlled oil producer Petrobras is seeking to sell its 5.8 billion Brazilian real ($1.4 billion) stake in petrochemical producer Braskem SA, newspaper Folha de S. Paulo reported on Wednesday.
Petróleo Brasileiro SA (Petrobras) has hired Brazilian bank Banco Bradesco SA as a financial adviser and has started to pitch the sale to foreign investors, Folha said, without naming sources.
Petrobras owns a 36 percent stake in Braskem, Latin America’s largest petrochemical producer. The sale would help Petrobras meet its target of selling $15.1 billion worth of assets in 2015-16, a key part of its plan to cut debt as oil prices plunge to 12-year lows.
Petrobras Chief Executive Aldemir Bendine late last year said the pace of divestments in 2016 would likely be faster than originally expected.
Representatives of Petrobras, Braskem and Bradesco were not immediately available to comment.
Petrobras has also cut its 2015-2019 capital spending budget by a quarter to $98.4 billion from $130 billion in June, according to a securities filing on Tuesday, and trimmed its outlook for oil production in Brazil this year by nearly 2 percent to 2.145 million barrels per day.
$1 = 4.0247 Brazilian reais Reporting by Silvio Cascione; Editing by Mark Potter