Brazil’s Petrobras closes $1.5 bln deal to sell stake in African joint venture

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RIO DE JANEIRO (Reuters) – Brazil’s state-controlled oil company Petroleo Brasileiro SA said on Tuesday it had ended its activities in Africa after closing the sale of a 50% stake in Petrobras Oil & Gas BV (PO&GBV), which holds some Nigerian oil assets.

Petrobras, as the company is known locally, said in a filing that it had sold the PO&GBV stake for just under $1.5 billion to Petrovida Holding, which is formed by Vitol Investment Partnership II, Africa Oil Corp and Delonex Energy.

It added that with the transaction, it had “completely closed its operational activities in Africa.”

Reporting by Marta Nogueira

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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