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Petrobras to sell 20 percent interests in two gas fields

Staff writer |
Petroleo Brasileiro SA (Petrobras) agreed to sell its 20 percent interests in the Bijupira and Salema oil and natural gas fields in Brazil's Campos Basin northeast of Rio de Janeiro to Petro Rio SA for $25 million, according to a statement.

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Petro Rio was formerly known as HRT Participacoes em Petroleo SA. The fields produce an average total of around 22,000 barrels per day of light crude at 28 to 31 degrees on the American Petroleum Institute (API) scale.

Petrobras also said late Wednesday it was looking at ways to sell part of its Petrobras Distribuidora SA fuel-retail unit, which operates a network, Brazil's largest, of more than 7,000 service stations.

Petrobras said an offering of shares in Petrobras Distribuidora will meet the Novo Mercado standard of BM&FBovespa's Sao Paulo stock exchange. The Novo Mercado requires the exchanges highest level of shareholder rights.

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