Petrobras rejects increasing Braskem stake without shareholder parity

Petrobras CEO Magda Chambriard has stated that the Brazilian state-controlled oil company will not increase its stake in petrochemical giant Braskem unless other shareholders commit to a similar capital injection. Speaking at the ROG.e conference in Rio de Janeiro, Chambriard clarified that increasing Petrobras's ownership beyond its current level of approximately 47% is not within the company's scope.

The announcement comes amid Braskem's efforts to restructure approximately $11 billion in debt. Creditors have reportedly pressured shareholders, including Petrobras and IG4 Capital Group, to provide a $3 billion injection to facilitate the restructuring process. Braskem has previously sought $2 billion from creditors to repurchase existing liabilities and fund working capital.

While Petrobras is not planning to increase its equity stake, the company remains involved in negotiating preliminary restructuring conditions. A final plan for Braskem is expected to be completed by the end of November, following a deadline for preliminary agreements set for October 9.