LatAm Oil & Gas: LightHouse: PBR, BRKM, Brazil O&G, Global (3x)

Research evidence excerpt

LatAm Oil & Gas: LightHouse: PBR, BRKM, Brazil O&G, Global (3x)

However, it could also require significant investments in storage segregation,

raising costs and potentially creating competitive distortions across different

market participants. On the other hand, a more flexible regulatory framework

would preserve operational efficiency and limit additional capex requirements,

while intermediate solutions, such as licensing tanks dedicated to third-party

storage, could help balance transparency objectives with practical operational

considerations.

Petrochemicals

Braskem: Braskem moves closer to an in-court restructuring (RJ) after

another failed negotiation round

Valor reported that Braskem moved closer to a potential in-court restructuring (RJ)

after a new round of negotiations on 28 July failed to secure an agreement with

holders of at least 1/3 of the debt it intends to restructure. With less than 30 days

remaining under court protection against collections and enforcement measures,

sources said an RJ already has the unofficial consent of the company’s main

shareholders, although it is not their preferred alternative. The main obstacle

involves bondholders that increased their exposure through secondary-market

purchases and are requesting terms materially different from Braskem’s proposal.

These creditors offered new money secured by all of the company’s assets and

proposed that IG4 and Petrobras inject capital to repay part of the liabilities.

Braskem confirmed that it has received indicative and non-binding proposals

involving a potential capitalization and the granting of assets as collateral, but

stated that no restructuring terms have been agreed. Petrobras also reportedly has

no intention of increasing its stake in Braskem.