Brazil’s Petrobras to start binding phase to sell Africa unit


SAO PAULO, March 8 (Reuters) – Brazil’s state-controlled oil company Petróleo Brasileiro SA said on Thursday to start the binding phase in the process to sell 100 percent of subsidiary Petrobras Oil & Gas B.V., according to a securities filing.

The subsidiary, known as Petrobras Africa, participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields and are operated by Total SA and Chevron Corp respectively.

In this phase, Petrobras will instruct interested investors on how to proceed with due diligence and to present the binding proposals. (Reporting by Marcelo Teixeira; editing by Diane Craft)

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