Petrobras Rakes In $2.1B Through Oil, Gas Asset Sales

Law360, New York (August 19, 2013, 1:28 PM EDT) -- Petroleo Brasileiro SA raked in $2.1 billion through its sale of stakes in several oil and gas exploration initiatives, it said Friday, padding the cash pile of Brazil's state-run oil and gas company and furthering a divestment push aimed at shaving off noncore assets.

The bulk of the proceeds came from Petrobras' sale of a 35 percent stake in the Santos Basin oil exploration project, passed off to China's Sinochem Group Co. Ltd. for $1.54 billion. In addition, the company shed the shares it owned in...
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