Brazil based Petrobras is in discussion with Mexico based petrochemical unit Alpek related to selling of its arm of petrochemical business. The company has offered around 700 million dollar for its business. The talks are expected to last for around 60 days. The petrochemicals unit of the business has accumulate $1.7billion in losses over the last two years.
This includes impairment charges related to the largest-ever corruption probe in Brazil.
