September 11, 2017 / 1:16 PM / a year ago

Petrobras starts sale of fertilizer assets

SAO PAULO (Reuters) - Petróleo Brasileiro SA launched on Monday the sale of two fertilizer units, as Brazil’s state-controlled oil company seeks to reduce capital spending and focus on core business segments.

The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

In a Monday securities filing, Petrobras (PETR4.SA) said the sales are part of a move to exit fertilizers. The units that have been put on the block include Araucária Nitrogenados SA and Unidade de Fertilizantes-III, or UFN-III, which is 80 percent completed at the moment.

Reporting by Guillermo Parra-Bernal

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