Nielmar de Oliveira
Reporter da Agência Brasil

Rio – Petrobras, Brazil's state-controlled oil giant, reports that it has signed a memorandum of understanding under which it will pay US$375.5 million for the Brazilian assets of the US firm, El Paso. In a note to the Brazilian equivalent of the SEC (Bolsa de Valores de São Paulo) (Bovespa), Petrobras explains it will acquire El Paso Rio Grande and El Paso Rio Claro, which are Brazilian subsidiaries (affiliates) of the US firm, and owners of the Macaé Merchant thermoelectric power plant in the state of Rio de Janeiro. In the note Petrobras says it expects to finalize the deal in March.

Translation: Allen Bennett