Vale announced Wednesday that it has signed an agreement to sell its stake in certain oil and gas properties. In an agreement with Statoil Brasil Óleo e Gás Ltda (Statoil), Vale will sell its 25 percent stake in the concession BM-ES-22A in the Espírito Santo Basin, Brazil, for US$ 40 million in cash.
The sale also exempts Vale from committed expenditures of approximately US$80 million until the end of 2013. The closing of the transaction is subject to usual precedent conditions and approvals.