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Vale to Sell Stake in Oil Asset

Vale (NYSE: VALE  ) announced in an official press release that it will divest one of its oil assets, a stake in an offshore oil block. The company has 25% of a concession located off the Southeastern coast of its home country of Brazil. This is to be sold to an arm of Norwegian oil and gas major Statoil (NYSE: STO  ) for $40 million in cash.

Additionally, the Financial Times is reporting today that Vale confirmed it is considering a sale of its 31% stake in local shipping concern Log-In Logistica Intermodal. According to the FT, that stake is worth 217 million reals ($105 million).

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