PBR - Petrobras says major divestments to ramp up

Petrobras (PBR) is in the advanced stages of several major divestments, executives said today, indicating the company's ambitious deleveraging program may pick up the pace after pulling back during Brazil's coronavirus outbreak.In today's earnings conference call, execs said the company hopes to finalize negotiations to sell its RLAM refinery by year-end, recently received binding offers for its REMAN refinery, and expects to receive binding offers for its REPAR refinery in December.The company expects Brazilian antitrust authorities to approve the sale of gas distribution unit Liquigas in November, CFO Andrea Almeida said.But CEO Roberto Castello Branco said a planned sale of Petrobras' stake in the TBG gas pipeline unit, which connects Brazil and Bolivia, was being held up by regulatory issues, and that the company will not sell its stake in Braskem (BAK) until that firm makes significant improvements related to governance and environmental liabilities.Petrobras closed +3.4% in U.S. trade after

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Petrobras says major divestments to ramp up