Brazil’s Petrobras Unloads Stakes

The Wall Street Journal 15 June 2013
Brazilian state-run energy giant Petróleo Brasileiro SA, or Petrobras, on Friday said it has brought in a partner for its African operations and has sold its stake in some small-scale hydroelectric plants, part of a plan to raise $9.9 billion from asset sales to fund new investments. In the first deal, Brazilian investment bank Banco BTG Pactual SA will pay $1.53 billion for a 50% stake in a new joint venture that will manage Petrobras’ existing oil and natural gas exploration operations in Africa. Petrobras said the deal means it gets to keep a presence in Angola, Benin, Gabon, Namibia, Nigeria and Tanzania, but share some of the costs.
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