Petróleo Brasileiro SA CEO Roberto Castello Branco said he plans to sell the company's 36% stake in petrochemical company Braskem SA within a year, Reuters reported.

However, creditors of construction conglomerate Odebrecht SA are in advanced talks to delay the sale of the asset for another two to three years, according to Reuters. Odebrecht holds a 38% stake in Braskem.

Petróleo Brasileiro, also known as Petrobras, has sold noncore assets amounting to $15.3 billion as of Oct. 15 and is looking to sell another $20 billion to $30 billion in assets in 2020-2024.