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Braskem buys Cetrel an Odebrecht environmental services firm in Brazil



Petroleumworld.com 01 30 2017

Brazilian petrochemical company Braskem SA agreed to buy a controlling stake in environmental services company Cetrel SA for 610 million reais ($194 million) from Odebrecht Utilities SA, Braskem said on Friday in a securities filing.

Odebrecht Utilities is an arm of Brazilian engineering group Odebrecht SA, which is ensnared in the country's largest-ever corruption scandal.

The deal is subject to approval by Braskem's board.

Cetrel SA operates in the Camaçari petrochemical complex in the northeastern Brazilian state of Bahia. The company serves several companies in the area, including Braskem, processing industrial waste.

($1 = 3.14 reais)

Story reporting Marcelo Teixeira from Reuters.

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