Belfast Telegraph

Brazilian oil giant Petrobras to sell assets to France's Total

Brazil's state-owned oil company Petrobras has said it will sell 2.2 billion dollars (£1.77 billion) of assets to French energy company Total SA.

Petrobras said the two companies signed an agreement for the sale on Wednesday.

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% stake in the Perdido Foldbelt field in the Gulf of Mexico owned by Total and Exxon Mobil.

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.