Petrobras confirms ongoing negotiations for Gasmig sale

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +1.2%) rises after reporting it is in talks to sell its 40% stake in Brazilian natural gas distributor Gasmig to electricity holding company Cia Energética de Minas Gerais (CIG +0.2%).

PBR says a sale is part of its plan to shed non-core assets; no details on the value of its stake in Gasmig is unveiled.

Gasmig distributes ~4.1M cm/day of natural gas in the state of Minas Gerais through an 850 km-long network of integrated pipelines.