Brazilian state-controlled oil company, Petróleo Brasileiro SA, is close to agreeing to the sale of its stake in an African venture for around $1.3 billion, newspaper Valor Econômico said on Tuesday.

Petrobras, as the company is known, owns 50 percent of Petrobras Oil & Gas BV, or Petrobras Africa. Grupo BTG Pactual SA holds a 40 percent stake in the venture and Helios Investment Partners owns the remaining 10 percent.

All three shareholders would sell their stakes, valuing the venture at around $2.6 billion, Valor said, citing an unnamed source.

Reuters reported on June 18 that a consortium led by Vitol SA had entered exclusive talks to acquire stakes in Petrobras Africa, emerging as a winner from a number of bidders including rival commodity trader, Glencore Plc.

Representatives for Petrobras and Glencore did not immediately respond to requests for comment. A Vitol representative declined to comment.

Petrobras Africa participates in two deepwater oil exploration blocks off the coast of Nigeria that contain the Akpo and Agbami producing fields and are operated by Total SA and Chevron Corp respectively.

Heavily indebted Petrobras unveiled plans to sell that stake in November as part of a divestment program aiming to offload $21 billion in assets by year-end.

•Culled from Reuters