Brazilian state-run oil and gas company Petrobras has announced that it is observing the ongoing competition for the controlling interest in Braskem, a petrochemical manufacturer currently held by Novonor.

In São Paulo, Braskem's shares experienced an increase of up to 9.8%, reaching BRL25.7 (US$5.26). Petrobras representatives have indicated their intention to await Novonor's decision before acting. In an email response, Petrobras stated that it is currently evaluating the optimal approach for the petrochemical sector and the future of Braskem. 

Braskem operates in the chemical and petrochemical industry and plays a significant role in other production chains that are essential to economic development. In this context, chemicals and plastics help create sustainable solutions that improve people's lives in areas such as housing, food and transportation. Its production focuses on thermoplastic resins - polyethylene (PE), polypropylene (PP) and polyvinyl chloride (PVC) - in addition to basic chemical inputs, such as ethene, propene, butadiene, chlorine, soda, and solvents.