Brazilian state-run oil company Petrobras is looking to sell some of its biofuel assets as it tries to raise cash to cover investment for new offshore oilfields and service its debt, Reuters reported, citing two sources.
The company, whose $125 billion of debt is the biggest of any oil company and the third-largest of any non-financial enterprise, plans to sell as much as $13.7 billion of assets by the end of 2016.
The first source, who has direct knowledge of Petrobras' plans, said the company's ethanol plants, which transform sugarcane into fuel, were the most likely area of the business to be sold. Petrobras has nine ethanol plants and five biodiesel plants.
Brazil's national oil-industry association, IBP, released a list of suggestions for regulatory changes on Monday that it hopes will boost exploration activity in the wake of falling oil prices, high costs, delays and a graft scandal at state-run oil company Petrobras.
