OIL & GAS
Brazil's Petroleo Brasileiro SA will sell its 50% stake in a Nigerian oil and gas exploration venture to a consortium led by top oil trader Vitol for $1.53-billion, the latest step in the state-controlled oil company's debt reduction drive, according to a securities filing on Wednesday. The other 50% stake in Petrobras Oil and Gas BV, also known as Petrobras Africa, is owned by Brazilian investment bank BTG Pactual, which in a Wednesday filing confirmed a Reuters report that it would likely hang on to its portion after previously mulling a sale.
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