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

RIO DE JANEIRO (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)