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Brazil’s Petrobras Announces Divestments & Increase In Oil Exports

By  |  November 30, 2020

Brazil’s Petrobras on Monday, November 30, projected a surge in oil exports and divestments over the next five years, reported Reuters.

In a virtual presentation to investors during the state-controlled company’s annual investor day, Petroleo Brasileiro stated that crude exports, however, are forecast to climb to an average of 891,000 barrels per day (bpd) from the 445,000 bpd that the company averaged in the five-year period ending in 2019.

In the same presentation, accompanied by executives’ comments, the company announced that it planned to divest US$25 billion to US$35 billion in assets from 2021 to 2025.

Petrobras executives said the divestment of gas distribution business Liquigas should be formalized in December.

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