(Bloomberg) -- Brazil’s state-controlled oil producer Petroleo Brasileiro SA is readying to return to global debt markets with a benchmark sale as soon as Monday, people familiar with the matter said. 

Petrobras is expected to offer as much as $1.5 billion in 10-year notes, said the people, who asked not to be identified because the information isn’t public yet. The Rio de Janeiro-based company plans on using at least part of the proceeds for liability-management purposes, the people said, adding that the size and timing of the transaction are still subject to change. 

Petrobras didn’t immediately reply to an emailed request seeking comment sent outside regular business hours. 

The state-run oil producer last tapped global credit markets in June 2021, when it sold 30-year notes to purchase outstanding debt. Brazil sold $2.25 billion in April, the first dollar offering since President Luiz Inacio Lula da Silva took office in January. 

Investors in Petrobras have feared the Lula administration would take a more interventionist approach toward the company after the government named Jean Paul Prates as its chief executive officer. 

Prates has vowed to invest more in refining and renewable energy, while continuing to expand its most profitable operations at giant oil fields in deep waters. 

The oil producer posted better-than-expected profits for the first quarter, which saw gross debt drop to $53 billion, the lowest since 2010. 

--With assistance from Esteban Duarte.

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