Petrobras Needs Novonor to Exit Braskem Before Injecting Cash

The head of Brazil’s state-controlled oil company said she would only consider injecting more money into debt-ridden petrochemicals maker Braskem SA if its troubled partner in the company sold to a new investor.

Petroleo Brasileiro SA, as the company is formally known, wants to avoid nationalizing Braskem, Chief Executive Officer Magda Chambriard said in an interview. And its partner, the cash-strapped Brazilian conglomerate Novonor SA, can’t afford to increase its stake. So someone else will need to step in, she said.