June 5, 2020 / 3:22 AM / a month ago

Brazil's Petrobras begins process to sell minority stakes in five power plants

FILE PHOTO: A man walks in front of the headquarters of Petroleo Brasileiro S.A. (Petrobas) in Rio de Janeiro, Brazil March 9, 2020. REUTERS/Sergio Moraes/File Photo

RIO DE JANEIRO (Reuters) - Brazilian state-run oil firm Petrobras has started the process to sell its minority stakes in five power plants throughout Brazil, it said in a filing on Thursday night.

The power plants range from natural gas to hydroelectricand are located in four states. They have a total installed capacity of almost 700 megawatts.

In the filing, Petroleo Brasileiro SA (PETR4.SA), as the firm is formally known, announced the so-called ‘teaser’ phase, in which certain technical information is made available to potential buyers.

For years, the company has been selling off an array of assets in a bid to reduce debt and focus on offshore oil exploration and production.

Reporting by Gram Slattery; Editing by Rashmi Aich

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