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Bloomberg
Political turmoil in Brazil shouldn’t stop Petrobras from completing asset sales it has already opened up to bidders, according to one company vying for the state-controlled driller’s Bauna offshore field.
An impeachment process against President Dilma Rousseff that could force her to temporarily step down as early as this week shouldn’t derail any ongoing negotiations, Petro Rio SA Chief Financial Officer Blener Mayhew said. Still, the political uncertainty will complicate any moves by Petroleo Brasileiro SA, as it is formally known, to put new assets on the market, Mayhew said.
Petro Rio bid about $500 million for Bauna and expects Petrobras to announce a decision as early as this month, Mayhew said. Petrobras is marketing offshore oil and natural gas fields worth about $2 billion.