In a deal with France’s Tereos Internacional, Petrobras agreed to sell its 45.97% stake in sugar and ethanol producer Guarani for $202m.
Guarani operates eight industrial plants of which seven are located in Brazil and one in Mozambique.
Petrobras also signed an agreement to divest certain petrochemical assets to Mexican petrochemical company Alpek for $385m.
Alpek will purchase the Brazilian firm’s petrochemical units Petroquimica Suape and Citepe which operate an integrated purified terephthalic acid (PTA)-polyethylene terephthalate (PET) facility in Ipojuca, Pernambuco, Brazil.
The facility has installed capacity of 700 and 450 thousand tons per year PTA and PET, respectively.
Additionally, Citepe operates 90,000 tons per year texturized polyester filament plant on site.
The transaction is subject to several condition precedents, including approval by the appropriate governmental authorities.
The two deals are part of Petrobras Strategic Plan, which provides for business portfolio optimization upon full withdrawal from petrochemical interests, the company said.
With the two sales, Petrobras sold $13.6bn worth of assets in 2015-2016 period.
During 2017 and 2018 period, Petrobras plans to sell $21bn worth of assets.
Recently, Total has agreed to buy certain upstream and downstream interests of Petrobras in Brazil for nearly $2.2bn in an assets package deal.
