Petrobras set for divestment hit
Economic reality is likely to stall the breakneck speed of the Brazilian firm’s asset sales plan
Brazil’s response to the Covid-19 pandemic has often lurched towards the chaotic. Months of political backbiting between state governors and President Jair Bolsonaro over the gravity of the outbreak have contributed to cases exploding across the country, the loss of two health ministers in as many months and fears that Brazil’s mortality rate could eventually eclipse that of the US. And the scale of the outbreak, combined with dire economic projections for the rest of the year, could have significant implications for the planned divestments of Brazilian state-controlled oil company Petrobras. The downturn may push sales back another year and substantially delay efforts to pay down the comp
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