Vale to sell stake in oil and gas concession
Thursday, Dec 27, 2012
Vale S.A. (Vale) informs that it has signed an agreement with Statoil Brasil Óleo e Gás Ltda (Statoil) to sell its 25% participation in the concession BM-ES-22A in the Espírito Santo Basin, Brazil, for US$ 40 million in cash. The sale also exempts Vale from committed expenditures of approximately US$ 80 million until the end of 2013. The closing of the transaction is subject to usual precedent conditions and approvals.
Our growth and sustainable value creation strategy encompasses a multilane road, in which active portfolio asset management is a very important tool to optimize capital allocation and focus management attention.
Source: Vale S.A.
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