Brazil's Petrobras to sell assets to France's Total

The Associate Press

Brazil's state-owned oil company Petrobras says it will sell $2.2 billion worth of assets to French energy company Total S.A.

SAO PAULO (AP) — Brazil's state-owned oil company Petrobras says it will sell $2.2 billion worth of assets to French energy company Total S.A.

Petrobras says in a statement on its website that the two companies signed an agreement for the sale on Wednesday.

It says the deal includes Total's acquisition of stakes in two oil fields in the Santos Basin and in two thermal power plants in Bahia state.

Petrobras will also have the option to buy a 20 percent stake in the Perdido Foldbelt field in the Gulf of Mexico owned by Total and Exxon Mobil Corp.

The Brazilian oil firm said earlier this year it would sell some assets because of the drop in global oil prices, a corruption scandal involving the company and a downturn in Brazil's economy.

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