Brazil’s Petrobras Nears $1.3 Billion Sales Of African Venture Stake

Brazilian state-controlled oil company Petróleo Brasileiro SA (NYSE: PBR) is close to agreeing the sale of its stake in an African venture for around $1.3 billion, newspaper Valor Econômico said on July 10.

Petrobras, as the company is known, owns 50% of Petrobras Oil & Gas BV, or Petrobras Africa. Grupo BTG Pactual SA holds a 40% stake in the venture and Helios Investment Partners owns the remaining 10%.