Oil Traders Could Back Indigenous Petrobras Africa Buy

Sunday, April 1, 2018

Vitol and Glencore are in talks to financially back Nigerian firms that are interested in buying up assets owned by Petrobras in the country. The assets held by the Brazilian firm are valued at an estimated $2 billion.

In Q4 2017 Petrobras announced that it was selling its 100% owned Petrobras Africa as part of a plan to offload $21 billion in assets to lessen its debt.

For Glencore and Vitol, the backing of the purchases would give them access to crude for many years and the Nigerian firms would gain financing they would most likely be denied by international banks.

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