A Bloomberg report cited sources who said Petróleo Brasileiro (Petrobas) was nearing completion of its asset sale to China National Petroleum Corp (CNPC). The deal to sell Petrobas' Peru-based assets would value at over USD2 billion. The report also said CNPC would be announcing the deal as early as next week.

Petrobas' asset sale was part of the oil company's strategy to divest non-core assets. The asset sales would include the divestment exploration rights, oil fields, refineries and other related assets. The company intended to protect cash for its USD237 billion investment plan that would run for five years. The plan was dubbed as the largest corporate spending program in the world to date.

Petrobas' divestment strategy was not easy. In March, the Brazilian company had reduced its estimated value of its asset sales to 40%. From an estimated amount of USD14.8 billion, the estimate went down to just USD9 billion.

Reuters was unable to reach Petrobas and CNPC regarding the deal.