(MENAFN) Petrobras, the semi-public Brazilian multinational energy corporation headquartered in Rio de Janeiro, intends to sell off more assets in 2016 to balance the increasing debt, based on reports.
Accordingly, the intensifying debt has grown more than 40 percent this year hitting a staggering USD130 billion, amid a severe fall in the value of the Brazilian real against the dollar.
In more detail, the stressed firm's plans consist of selling a total of USD15.1 billion in non-essential properties by the end of next year, but experts suggest that it's still going to be in the red zone.
Moreover, the swelling debt has come in a dreadful year for Petrobras, brutally harmed by deteriorating crude prices and a mega pay-to-play corruption scandal that has smudged its once shiny image.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.