São Paulo – Vale has signed an agreement selling its 25% share in the BM-ES-22A concession for exploration of gas in Espírito Santo Basin. The deal, disclosed on Wednesday (26), was with Statoil Brasil Óleo e Gás Ltda (Statoil), from Norway, and was for US$ 40 million. According to figures disclosed by the company, the sale exempts the company from investing around US$ 80 million in the project by late 2013.
Justifying the operation, Vale stated that its growth strategy and creation of sustainable value covers many options, one of the most important being the management of a portfolio to optimize allocation of capital and concentration of efforts in management.
*Translated by Mark Ament
