French power company GDF Suez (GSZ.FR) Thursday said it agreed to buy the 20% stake held by Brazilian mining giant Vale SA (VALE) in two natural gas exploration contracts in Brazil.
French power company GDF Suez (GSZ.FR) Thursday said it agreed to buy
the 20% stake held by Brazilian mining giant Vale SA (VALE) in two natural gas
exploration contracts in
Brazil
.
The acquisition is GDF Suez's first foray in gas exploration in
Brazil
, the
company said. The area is located on shore in northeastern
Brazil
, in
the
Parnaiba
basin.
GDF Suez joins a team made of BP PLC (BP) and state-controlled Brazilian firm
Petrobras (PBR), which each own 40% in the venture.
The company didn't disclose the amount paid for the 20% stake.
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