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Markets :: Basic Chemicals :: Petrochemicals :: Styrene

Petrobras sells $2.1 billion worth of assets, including Innova

2:21 AM MDT | August 18, 2013 | Natasha Alperowicz

Petrobras says that its board of directors on Friday approved plans to sell $2.1 billion worth of assets, including upstream and downstream operations. The company is selling Petroquimica Innova (Innova) to plastic packaging and styrene producer Videolar (São Paulo) as part of a previously announced plan to divest the company. Petrobras says it is raising approximately 870 million Brazilian real ($372 million) from the sale of Innova, including the assumption of debt of some BR23 million. Petrobras describes Innova as a second-generation petrochemical...

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