In an announcement, Banco BTG Pactual SA has agreed to purchase half of the operations of Petroleo Brasiliero SA in Africa. According to the Brazil state run oil firm, the move is for the expansion of the investment bank's participation as a backer for cash-strapped Brazilian firms.

BTG Pactual is set to pay US$1.53 billion for the 50% of the African unit of Petrobras. The unit is Petrobras Oil and Gas BV and it operates offices in Namibia, Gabon, Benin and Angola. It also has operations in Nigeria and Tanzania.

The Brazilian oil firm is selling off interests in oil fields, exploration rights, refineries and other assets located all over the world. The auction of these assets is set to finance a US$237 billion investment plan spread over five years. This is set to be the largest corporate spending program in history.

According to a Reuters report last March 13, the assets located in Nigeria is worth US$5 billion. In a statement from Petrobras, "The operations represent an important step for Petrobras in its asset-sale program, allowing it to increase its activiites in Africa and the sharing of investments needed to expand and develop its resources."