June 20, 2018 / 10:12 PM / 5 months ago

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

SAO PAULO, June 20 (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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