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Petrobras's shareholders approve divestment of Innova

10:30 AM MDT | October 2, 2013 | Francinia Protti-Alvarez

Petrobras's (Rio de Janeiro) shareholders have approved the sale of Innova (Triunfo, Brazil) to plastic packaging and styrene producer Videolar (São Paulo) in a deal valued at 870 million Brazilian reais ($391.5 million), according to the report of the shareholders' meeting that took place on 30 September. The sale was approved by the Petrobras board of directors in August this year, as previously reported by CW. Innova produces ethylbenzene (EB), styrene, and polystyrene (PS). The company has capacity for 550,000 m.t/year of EB; 250,000 m.t./year of...

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