Among assets put up for sale are fertilizer plants, its liquefied petroleum gas unit and its biodiesel and ethanol businesses.

Petrobras, as the company is known, said in a securities filing that its ratio of net debt to adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) should fall to below 1.5 in 2020.

As part of its strategic plan, Petrobras said it will also seek diversified sources and use of energy by 2040, such as solar and wind power.

The oil company also disclosed that its return on invested capital should be above 11 percent in 2020, as it will sell assets and cut debt.

The company said it could change its payout ratio depending on new investment opportunities and debt reduction, without providing further details.