Petrobras Won't Raise Braskem Stake or Inject Capital Alone, CEO Says

Zacks Investment Research··BRCIMZ·Read original
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Summary · why it matters

Petrobras does not currently plan to increase its stake in Braskem or inject additional capital unless other shareholders also contribute, CEO Magda Chambriard said on the sidelines of the ROG.e oil conference in Rio de Janeiro. Her remarks, reported by Bloomberg, clarify Petrobras' position as Braskem negotiates with creditors over roughly $11 billion of debt. Creditors have requested approximately $3 billion of fresh capital from the company's controlling shareholders as part of the restructuring discussions. Petrobras holds about 47% of Braskem's voting capital and has long-term commercial agreements to supply petrochemical naphtha and other products, giving it an interest in a restructuring that preserves its investment without overburdening its own balance sheet. The cautious stance comes as Petrobras pursues other capital priorities, including production-sharing contracts for eight offshore blocks in Ivory Coast through Petrobras Netherlands B.V. with a 90% interest alongside Petroci Holding's 10%, a two-year memorandum of understanding with Mozambique's Empresa Nacional de Hidrocarbonetos, and plans to drill three new wells in the Foz do Amazonas region in January after authorization from Brazil's environmental agency Ibama.

Impact on assets 5

Energy▲ · 3 stocks
Petroleo Brasileiro Petrobras SA ADR
PBR
± MixedCapitalrelevance

Petrobras says it won't raise its Braskem stake or inject capital alone, preserving its balance sheet amid Braskem's debt restructuring.

Materials▲ · 1 stocks
Semiconductors▲ · 1 stocks

Off-coverage companies 3

Empresa Nacional de HidrocarbonetosPrivate± Mixed
relevance

Petrobras Netherlands B.V.Private± Mixed
relevance

PETROCI HoldingPrivate± Mixed
relevance

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