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By Reuters

RIO DE JANEIRO, BRAZIL - Brazil’s state-run oil company Petroleo Brasileiro said on Thursday it had closed a US$1.29 billion deal with Malaysia’s Petronas to sell 50 percent of Petrobas’ exploration and production rights in two of its offshore fields.

The deal is part of Petrobras’ divestment program and Petronas' efforts to boost its upstream reserves and production, growing cash flows and shrinking domestic output. A price was not disclosed.

In its statement, the company also announced it had nearly completed the full sale of its TAG pipeline unit to France’s Engie for . . .

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