Petrobras hikes 2017 fundraising forecast, cuts divestment target

The world’s most indebted oil companyBrazil’s Petroleo Brasileiro SA nearly doubled its fundraising forecast for 2017 but cut its target for divestments.

In a presentation following disappointing third quarter results, Petrobras said it expects to raise US$22 billion in funds this year compared to a prior forecast of US$13 billion.

It expects to divest US$7 billion this year, excluding a planned initial public offering for fuel distribution unit BR Distribuidora, below the US$8 billion it forecast previously.