Petrobras Says Missed 2015-2016 Asset Sale Target
Brazil's state-run oil company Petroleo Brasileiro SA said it will miss its target for asset divestment in 2015-2016 despite two sales announced on Wednesday that will raise $587 million.
Petrobras, as the company is known, said that total asset sales for the 2015-2016 period would reach $13.6 billion, shy of its target of $15.1 billion. As a result, its divestment goal for 2017-2018 would automatically be raised to $21 billion, the company said in a statement.
(Reporting by Luciano da Costa and Tatiana Bautzer; Editing by Daniel Flynn)