INTERNATIONAL - Petroleo Brasileiro SA is close to announcing a sale of its stake in an African oil and gas exploration business to a group of investors led by Vitol Group, people familiar with the matter said.
The state-run oil company’s partners in the African operations, Brazil’s Banco BTG Pactual and the U.K.’s Helios Investment Partners, have decided to keep their share of the business, the people said, asking not to be identified because the discussions are private.
The deal will value Petrobras’s stake at about $1.5 billion and may be announced in the next month, they said.
No final decision has been made and discussions may still fall apart, the people said. Representatives for Petrobras, Geneva-based Vitol, BTG and Helios Investment declined to comment.
Petrobras had added the venture to its divestment portfolio in May 2017.