June 19 (Bloomberg) -- HRT Participacoes em Petroleo SA, the oil company exploring in the Amazon and Namibia, rose to the highest in three weeks after Grupo BTG Pactual’s investments in the oil industry fueled positive sentiment.
Rio de Janeiro-based HRT gained 8.7 percent to 2.50 reais at 12:27 p.m. in Sao Paulo after rising to as much as 2.68 reais, the highest since May 27. The stock increased 20 percent yesterday, the most since August. Brazil’s benchmark stock index was down 0.7 percent.
HRT is benefiting from Sao Paulo-based BTG’s decision to move more aggressively into the oil industry, Luana Helsinger an analyst at brokerage GBM Brasil, said by phone from Rio. BTG said June 17 it agreed to buy 50 percent of Petroleo Brasileiro SA’s assets in Angola, Benin, Gabon, Namibia, Nigeria and Tanzania for $1.5 billion.
The bank plans to develop a large oil and gas company to tap other opportunities, O Estado de S. Paulo reported yesterday, without saying where it got the information. The bank signed on March 6 a so-called strategic agreement with billionaire Eike Batista’s holding company EBX Group Co., whose biggest unit is oil producer OGX Petroleo e Gas Participacoes SA.
BTG and HRT declined to comment on potential partnerships when contacted by Bloomberg.
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