STXNEWS LATAM-Petrobras to sell Uruguay assets to Shell

Fri Oct 4, 2013 11:37pm EDT

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The executive board of Brazil's state-run oil company Petroleo Brasileiro SA approved the sale of the company's stake in two oil prospects in Uruguay's Punta del Oeste Basin to Royal Dutch Shell Plc for $17 million, according to a filing late on Friday.

The company, known as Petrobras, is selling oil fields, exploration rights, refineries and other assets to help finance a $237 billion, five-year investment plan.

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