August 23, 2017 / 7:06 PM / a year ago

Brazil council approves massive state asset plan through 2018

BRASILIA, Aug 23 (Reuters) - A Brazilian government council approved on Wednesday a massive sale of state assets including stakes in some of the country’s busiest airports as well as oil exploration, highway and power dam licensing rights, as President Michel Temer seeks to reduce state involvement in the economy and cut a widening budget gap.

The government’s Investment Partnership Program said that buyers of licensing rights would be required to invest an estimated 44 billion reais ($14 billion). The council known as PPI also said that the Mining and Energy Ministry has submitted a request to end state control of power holding utility Centrais Elétricas Brasileiras SA for analysis.

The Eletrobras plan was announced on Monday.

$1 = 3.1392 reais Reporting by Leonardo Goy and Lisandra Paraguassu; Writing by Guillermo Parra-Bernal; Editing by Cynthia Osterman

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