Brazil’s state-controlled oil company Petroleo Brasileiro SA, known locally as Petrobras, has said it “completely closed its operational activities” in Africa.

The statement came on Tuesday after the company finalized the sale of a 50% stake in the Netherlands-based Petrobras Oil & Gas BV, which holds some 8% Nigerian oil assets, for $1.4 billion to Petrovida Holding.

Petrovida Holding is formed by Vitol Investment Partnership II, Africa Oil Corp and Delonex Energy.

Additionally, Petrobras, which has its global headquarters in Rio de Janeiro, is expected to suspend operations at its wholly-owned Araucaria Nitrogenados fertilizer plant in Parana state, the

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