Brazil’s Petrobras starts binding phase for sale of MP Gulf of Mexico stake

FILE PHOTO: The logo of Brazil's state-run Petrobras oil company is seen on a tank in at Petrobras Paulinia refinery in Paulinia

(Reuters) – Brazil’s Petrobras on Monday started the binding phase to sell its subsidiary 20% stake in Texas-based MP Gulf of Mexico LLC, which owns offshore fields in the region.

Potential buyers classified for this phase will receive a letter with instructions on the divestment process, Petrobras said in a securities filing.

Murphy Exploration & Production Company owns the remaining 80% stake in MP Gulf of Mexico.

(Reporting by Carolina Pulice and Peter Frontini)