Petrobras postpones sale of stake in marlim pole

Sources told Reuters that Petrobras has postponed plans to sell a slice of the Marlim pole, located in the Campos Basin. The decision would have occurred due to the challenges facing the state in its attempt to reduce debt amid the pandemic.

According to the sources, the oil company had begun preparations earlier this year to sell the stake in the polo. Petrobras President Roberto Castello Branco said in December that he believed they could raise $2 billion to $4 billion by negotiating the slice. However, the

state-owned company chose to postpone the project after demand for oil fell amid global isolation measures to curb the spread of the virus. "With oil at its current levels, it makes no sense to discuss such an interesting asset," said a source with direct knowledge of the matter. "When it can be sold depends on when prices recover. The idea (of selling) is not dead."

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