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Brazil/Mexico: Petrobras closes sale of subsidiary shares to Mexican group Alpek

By  |  May 8, 2018

Brazilian oil giant Petrobras has completed the sale of all its shares within the companies Petroquímicas Saupe and Citepe. The buyer is Mexican investment group Alpek.

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    Alpek, through Grupo Petrotemex and DAK Americas Exterior, agreed to buy 100% of Petroquímica Saupe and Citepe in 2016. The transaction concluded with the payment of US$435 million to Petrobras, after some adjustments to the terms of the agreement. This transaction includes the restructuring of debt in both companies, and after securing the approval of Brazilian competition authority, CADE.

    The sale takes place at the same time as the sale of the Azulão oilfield to Brazilian company Eneva. Both operations are part of a divestment strategy at Petrobras, estimated at US$21 billion dollars.

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