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Petrobras sells rights to two fields to Malaysia's Petronas for $1.29 billion
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Petrobras sells rights to two fields to Malaysia's Petronas for $1.29 billion
Brazil's state-run oil company Petroleo Brasileiro said on Thursday it had closed a $1.29 billion deal with Malaysia's Petronas to sell 50 percent of Petrobas' exploration and production rights in two of its offshore fields. The deal is part of Petrobras' divestment program, which seeks to reduce indebtedness. 'Continuous portfolio management contributes to improving the allocation of capital, thereby increasing the generation of value for our shareholders, in addition to enabling the reduction of indebtedness and cost of the company's capital,' the company's chief executive, Roberto Castello Branco, said in a statement.
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