October 3, 2019 / 1:01 AM / 16 days ago

Japan's Sojitz to sell stake in Brazil's Frade oil field to PetroRio

TOKYO, Oct 3 (Reuters) - Japanese trading house Sojitz Corp said on Thursday it has agreed to sell all of its stake in Frade oil field in Brazil to its partner in the project PetroRio S.A..

Sojitz said in a statement that it was selling the stake due to decreased oil output and weaker oil prices, as well as to reflect its strategy to shift its focus from up-stream businesses to the development of mid- and down-stream energy businesses.

It did not disclose the sale price.

Reporting by Yuka Obayashi; Editing by Kim Coghill

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