June 5, 2020 / 2:32 AM / a month ago

Brazil's Petrobras begins process to sell minority stakes in five power plants

RIO DE JANEIRO, June 4 (Reuters) - Brazilian state-run oil firm Petrobras has started the process to sell its minority stakes in five power plants throughout Brazil, it said in a filing on Thursday night.

The power plants range from natural gas to hydroelectricand are located in four states. They have a total installed capacity of almost 700 megawatts.

In the filing, Petroleo Brasileiro SA, as the firm is formally known, announced the so-called 'teaser' phase, in which certain technical information is made available to potential buyers.

For years, the company has been selling off an array of assets in a bid to reduce debt and focus on offshore oil exploration and production. (Reporting by Gram Slattery; Editing by Rashmi Aich)

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