BRASILIA: Brazil’s Petrobras is weighing whether to grant improved payment terms to Braskem on some contracts as the petrochemical producer races against the clock to find a solution for its debt woes ahead of an Aug 24 deadline to avoid filing for bankruptcy protection, according to sources.
State-controlled oil giant Petrobras has tightened conditions on the naphtha it supplies Braskem as the company’s financial situation deteriorated in the past few years, the people said, asking not to be named because the information is not public.
That forced Braskem to seek other suppliers and to take more credit from banks, the people said.
“That cut Petrobras…