April 27, 2018 / 1:42 PM / in a year

Brazil's Petrobras, Eletrobras close to $5.8 billion debt deal: paper

FILE PHOTO: The logo of Petrobras, state-controlled Petroleo Brasileiro SA, is seen at their President Bernardes Refinery in Cubatao, Brazil June 8, 2017. REUTERS/Paulo Whitaker/File photo

BRASILIA (Reuters) - Centrais Elétricas Brasileiras SA (ELET3.SA) and Petróleo Brasileiro SA (PETR4.SA) are close to agreeing on a deal to solve a dispute involving 20 billion reais ($5.75 billion) worth of Eletrobras debt, newspaper Valor Econômico said on Friday.

Eletrobras, as the state-controlled power company is known, owes state oil firm Petrobras for fuel supplies used in thermal generation in northern Brazil.

The dispute has been a hurdle for Eletrobras’ privatization, a landmark proposal of President Michel Temer’s administration.

The details of the agreement could be unveiled as soon as Friday following an Eletrobras board meeting, Valor said, citing a source with knowledge of the matter.

Representatives for Petrobras and Eletrobras were not immediately available to comment.

($1 = 3.48 reais)

Reporting by Bruno Federowski; Editing by Steve Orlofsky

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