Petrobras in JV Talks with UAE’s ADNOC

Brazilian state-run oil company Petrobras is in talks with Abu Dhabi's ADNOC for a controlling stake in petrochemical firm Braskem, newspaper Folha de Sao Paulo said on Friday citing sources familiar with the matter. According to the newspaper, Petrobras was analyzing a joint venture with ADNOC, while a minority stake would remain with Novonor, Braskem's current main shareholder along with the Brazilian oil company.

Three offers so far have been presented to take control of Braskem: a joint bid from Abu Dhabi's ADNOC and U.S. asset manager Apollo, and separate proposals from Brazilian firms Unipar Carbocloro and J&F. The newspaper also said that ADNOC was considering the current main shareholders remaining with Braskem stakes as a way to speed up an agreement. Braskem, Petrobras and ADNOC did not immediately respond to a request for comment. Novonor said it would not comment on the matter.