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BTG Said to Seek Sale of Stake in Petrobras Africa Venture

  • Brazilian bank paid $1.5 billion for 50% stake in 2013
  • Independent and local oil explorers said to show interest
Updated on

Grupo BTG Pactual, the Brazilian bank that was forced to sell assets after the arrest of its founder last year, is exploring the sale of its 50 percent stake in an African joint venture with state-run oil company Petroleo Brasileiro SA, according to people with knowledge of the matter.

BTG has held sales talks with independent oil explorers who have a presence on the continent as well as local companies, the people said, asking not to be identified as the information is private. The lender’s investment banking unit has been handling the discussions with prospective buyers, the people said. There is no guarantee that the talks will lead to an agreement, the people said.