Brazil's state-controlled oil company Petroleo Brasileiro SA is studying th...
) is studying the creation of a subsidiary comprised of around 15 power plants, which could then be sold through an initial public offering, analysts at XP Investimentos said in a report sent to clients on Tuesday.
FILE PHOTO: Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro, Brazil May 27, 2019. REUTERS/Sergio Moraes Analysts at the Sao Paulo brokerage led by Gabriel Fonseca wrote the report to clients after a breakfast with Chief Executive Officer Roberto Castello Branco. The analysts also said in the report that Petrobras, as the firm is known, is considering partnering with oil firms present in Brazil’s so-called pre-salt offshore oil region to create a company composed of gas pipelines coming from the off-shore exploration areas. Petrobras could then exit the venture via a share offering, the report said.
Petrobras operates 20 power plants with 6,000 megawatts in total capacity. Its divestment program has largely spared such assets so far, with the only divestiture being the sale of a 50% stake in the TermoBahia plant to France’s Total SA in 2017.Petrobras has given a mandate to Credit Suisse to sell three gas pipelines in the pre-salt area. In April, sources told Reuters that Petrobras needed to secure an agreement with partners in the pre-salt region to go ahead with the sale.
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