Brazil Approves Petrobras Oilfields Sale

May 31, 2019

© JCLobo / Adobe Stock
© JCLobo / Adobe Stock

Brazilian antitrust regulator Cade has approved the purchase by independent oil firm PetroReconcavo of 34 oilfields owned by Petroleo Brasileiro SA , the government's official bulletin showed on Friday.

Cade said the sale did not reduce competition and "could be seen as a de-concentration of the market," given that Petrobras, as the state-run oil firm is commonly known, has a "dominant position both in the gas and in the oil sector in Brazil."

In April, Petrobras announced the sale of the 34 onshore oilfields located in the northeastern state of Rio Grande do Norte to PetroReconcavo for roughly $384 million.

(Reporting by Gram Slattery; Editing by Bernadette Baum)

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