Brazilian state-controlled oil and gas company Petroleo Brasileiro (Petrobras) has neared to agree on the sale of its stake in an African venture for around $1.3 billion.
Petrobras, which owns 50 percent of Petrobras Oil & Gas BV, or Petrobras Africa, unveiled plans to sell that stake in November as part of a divestment program aiming to offload $21 billion in assets by year-end.
Grupo BTG Pactual SA holds a 40 percent stake in the venture and Helios Investment Partners owns the remaining 10 percent. All three shareholders would sell their stakes, valuing the venture at around $2.6 billion.
On 18 June, a consortium led by Swiss energy firm Vitol had entered exclusive talks to acquire stakes in Petrobras Africa, emerging as a winner from a number of bidders including rival commodity trader Glencore.