June 20, 2018 / 10:19 PM / 9 months ago

Brazil OKs draft law for Petrobras to sell stakes in transfer of rights area

FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia, Brazil July 1, 2017. REUTERS/Paulo Whitaker

SAO PAULO (Reuters) - The lower house of Brazil’s Congress on Wednesday approved the first draft of a law that authorizes state-controlled oil company Petroleo Brasileiro SA to sell stakes in fields located in the so-called transfer of rights areas.

Petrobras, as the company is known, must keep a stake of at least 30 percent in the areas, according to the draft.

Reporting by Maria Carolina Marcello; Writing by Tatiana Bautzer; Editing by James Dalgleish

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