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Petrobras, Total sign $2.25 bln oil production venture
March 1, 2017 / 11:14 AM / 9 months ago

Petrobras, Total sign $2.25 bln oil production venture

SAO PAULO, March 1 (Reuters) - Petróleo Brasileiro SA and France’s Total SA have signed final terms of a $2.25 billion joint venture involving the sale of assets as well as stakes in oilfields and two thermal power stations.

Petrobras, as the state-controlled oil producer is known, will receive $1.6 billion in cash as part of the agreement, and have the option to access a $400 million credit facility from Total, according to a securities filing. (Reporting by Guillermo Parra-Bernal; editing by Jason Neely)

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