Petrobras, Total sign US$2.25b oil production venture

[SAO PAULO] Petróleo Brasileiro SA and France's Total SA have signed final terms of a US$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 US$1.6 billion in cash as part of the agreement, and have the option to access a US$400 million credit facility from Total, according to a securities filing.

REUTERS