Brazil’s sale of the century
Petrobras’s FPSO Cidade de Saquarema off the Brazilian coast. (Petrobras)
Brazil is holding a summer sale, and everything must go. The beleaguered country is gearing up to sell off huge chunks of state-owned giant Petrobras to foreign investors as part of an emergency plan to shore up state finances.
The assets up for grabs make Black Friday look like a lemonade stand. Wildcat has been playing Brazilian bingo this week, matching up the company’s assets to rumours of their sale. To say the potential sales spell a massive reduction in the company’s gas-related activities is an understatement.