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Brazil- Vale to sell 25% stakes in oil, gas concession for USD40m  Join our daily free Newsletter

MENAFN - 27/12/2012

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(MENAFN) Brazil's Vale stated that it will sell its 25-percent stakes in the BM-ES-22A concession in the Espirito Santo Basin in a USD40-million cash deal, reported Xinhua News.

The mining company said that the sale would free the firm from committed expenditures of nearly USD80 million until the end of next year, and would help it get rid of assets unrelated to main activities.

Statoil Brazil, which is Vale's partner in the Espirito concession, is the buyer of the stakes.

The company is the Brazilian branch of Norway's energy company Statoil, which is 67 percent owned by the government of Norway.

At the start of December, Vale said that it will reduce its investment budget for 2013 by 24 percent to USD16.3 billion, citing modest global demand for minerals and metals over the medium-term.

 






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