By Richard Mann, Contributing Reporter

RIO DE JANEIRO, BRAZIL - Brazilian Oil giant Petrobras announced record-high divestments of US$11.3 billion in the first three months of the year. The highest value transaction was the sale of 90 percent of São Paulo-based TAG for US$8.6 billion.

The divestment of refineries serves three objectives: (a) reallocation of capital from low-return assets to invest in the pre-salt, with high expected returns; (b) release of resources to serve the still considerable debt of Petrobras; (c) correction of an anomaly, evidenced by the concentration of 98 percent . . .

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