Brazil’s state-owned oil company Petrobras announced Friday it will sell all its assets in Paraguay, as part of its plan to divest assets worth 21 billion U.S. dollars in 2017 and 2018 to try to lower its high debt.
In a statement, Petrobras said it would sell its shares in the following subsidiaries, Petrobras Paraguay distribution Limited, Petrobras Paraguay Operaciones y Logistica SRL and Petrobras Paraguay Gas SRL.
Currently, the Brazilian firm is the largest distributor of fuel in Paraguay, where it has 197 petrol stations and 113 convenience stores.
The drop in oil prices, Brazil’s financial crisis and the revelation of a sprawling corruption ring within its ranks have made Petrobras accumulate debts of over 90 billion U.S. dollars.
To lower this massive burden, the company began a divestment process in 2015, gathering 13.6 billion U.S. dollars in 2015 and 2016.