Even though prohibited by the TCU (Brazilian Federal Court of Accounts), Petrobras continues selling assets.
The state-owned company, headed by Pedro Parente, will sign an agreement this Thursday, the 15th, to sell its 49% stake in the Nova Fronteira Bioenergia joint venture, in the ethanol sector, to its partner São Martinho, for R$ 500 million, a source directly involved in the negotiation said on Wednesday, as reported by Reuters.
By Tatiana Bautzer
SAO PAULO (Reuters) Petrobras will sign an agreement on Thursday to sell its 49 percent stake in the ethanol joint venture Nova Fronteira Bioenergia to its partner São Martinho for 500 million reais, a source directly involved in the negotiation said on Wednesday.
São Martinho, one of the five largest companies in the sugar and ethanol sector in the country, already owns 51 percent of Nova Fronteira, which was founded six years ago and has a state-of-the-art plant in Goiás.
"The company does not comment on market speculation," said a representative from São Martinho. Petrobras did not have an immediate comment.
Petrobras' preferred shares fell about 4 percent on Wednesday, while São Martinho's shares declined 1,3 percent.
The sale is one of five ongoing transactions that the Brazilian Federal Court of Accounts (TCU) has not prohibited Petrobras from completing, in a recent decision that prevents the company from signing new asset sale contracts and initiating new divestment processes, but allows the state-owned company to complete those divestments that are in their final stages.
Petrobras maintained its target of selling $15,1 billion in assets in the 2015-2016 period, in light of the court's decision.
The transaction with Nova Fronteira marks another step in Petrobras' efforts to exit the biofuels industry, which for years absorbed enormous amounts of capital expenditure and was hampered by government price controls.
Petrobras has stakes in nine sugar and ethanol plants in Brazil, including the joint venture with São Martinho, as well as a stake in five biodiesel plants.
Petrobras has also begun negotiations with Tereos Internacional for the sale of Petrobras Biocombustível's 45,9 percent stake in the sugar and ethanol company Guarani.
(Additional reporting by Marcelo Teixeira in São Paulo)