April 9, 2019 / 11:59 PM / a year ago

Brazil govt says to pay Petrobras $9 bln for oil contract revision

BRASÍLIA, April 9 (Reuters) - The Brazilian government reached a deal to pay state-controlled oil company Petrobras $9.058 billion for revising a transfer-of-rights oil contract, Brazil’s Energy Minister Bento Albuquerque said on Tuesday.

Albuquerque told reporters after a meeting in Brasilia that the agreement opens the way for the government to auction off the excess oil in the transfer-of-rights area, a giant pre-salt oil reserve off the coast of Rio de Janeiro. The payment is expected to take place on Dec. 13. (Reporting by Mateus Maia; writing by Marcelo Teixeira; Editing by Cynthia Osterman)

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