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Brief -- Petrobras

Brazil's state-owned oil company, Petroleo Brasileiro SA (Petrobras), said it is finalizing negotiations to sell 49% of its natural gas unit to Japan's Mitsui & Co. Financial details of the transaction were not released. The transaction is the outcome of a bidding procedure conducted as part of the company's previously announced $58 billion divestment plan. Petrobras' corporate debt has been estimated at $134 billion, and the company has seen its credit rating slashed by both Standard & Poor's and Moody's in recent weeks. Completion of the deal is subject to approval by Brazilian regulators, and the Petrobras executive board and board of directors.

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