PBR - Petrobras plans natural gas price cuts averaging 7%

2023-07-19 11:55:26 ET

Petrobras ( NYSE: PBR ) said Wednesday it will reduce prices for the natural gas it sells to distributors by an average 7.1% starting August 1, a move it said comes in line with global oil prices and foreign exchange rates.

With the latest cut, Petrobras ( PBR ) said its natural gas prices will have dropped 25% this year.

Separately, Petrobras ( PBR ) said it will study all offers presented for Braskem ( BAK ) but believes discussions on a potential sale of the petrochemical producer are still far from over .

Petrobras ( PBR ) holds contractual rights to decide if it wants to buy out Novonor, which holds a controlling stake in Braskem ( BAK ) but has long sought to sell it to repay creditors.

Three offers have been presented so far for control of Braskem ( BAK ): a joint bid from Abu Dhabi's ADNOC and U.S. asset manager Apollo, and separate proposals from Brazilian firms Unipar Carbocloro and J&F.

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