Petrobras rejects offers made so far for Argentine assets

5/26/2013

Petrobras rejects offers made so far for Argentine assets

BY TOM MURPHY

SAO PAULO -- Petrobras has rejected all offers made to date for the company's assets in Argentina, Petrobras said in a statement.

The board of directors reviewed the results of negotiations regarding such assets and decided not to approve any sales based on proposals received to date the company said.

In comments to reporters earlier this week, Petrobras President Graca Foster said the company was interested in selling some, but not all, of its assets in neighboring Argentina. Asset sales are part of a broader plan by the company to raise money for investments within Brazil.

In its statement, Petrobras reiterated that its plan to sell assets still stands. The plan calls for the sale of $9.9 billion in assets between 2013 and 2017. The statement offered no details on negotiations or proposals regarding any of its assets in Argentina.

Dow Jones Newswires

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