Brazil Looks To Sell Petrobras Units As Part Of $20B Privatization Plan

[Judi Lynn]

By Tsvetana Paraskova - Jan 29, 2019, 2:30 PM CST

Brazil is pushing for major state-owned companies to privatize some subsidiaries as the Brazilian government of new far-right President Jair Bolsonaro looks to raise US$20 billion in state asset sales in 2019.

State-held oil firm Petróleo Brasileiro (Petrobras) should sell most of its 36 subsidiaries, Brazilian secretary of privatization Salim Mattar said at an investment conference in Sao Paulo on Tuesday, as carried by Reuters.

Mattar said that subsidiaries of Petrobras and banks Banco do Brasil SA and Caixa Economica Federal should be put up for privatization as the government wants those state-owned firms to sell many of their units within four years.

Brazil also plans to privatize utility Eletrobras via additional share sales on the market, the secretary of privatization said.

More:
https://oilprice.com/Latest-Energy-News/World-News/Brazil-Looks-To-Sell-Petrobras-Units-As-Part-Of-20B-Privatization-Plan.html

[Maine-i-acs]

1. easier to skim profits and bribe people if the entities are not public.

This is pretty brazen.