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Scotiabank, Citi Hired To Sell Vale's Oil, Gas Assets--Source

SAO PAULO -(Dow Jones)- Brazilian mining giant Vale SA (VALE, VALE5.BR) has hired Bank of Nova Scotia (BNS, BNS.T) and Citigroup Inc. (C) to help sell its oil and gas exploration blocks in Brazil, according to a person familiar with the transaction. Earlier, Bloomberg News cited one person as saying that Vale's oil exploration fields may be worth as much as $1 billion, without divulging the source. A source that Dow Jones Newswires spoke to declined to confirm the $1 billion figure, and wouldn't specify how much the blocks could be worth. A spokeswoman for Vale couldn't immediately be reached for comment. A spokesman for Citigroup declined comment for this article. A spokeswoman for Scotiabank couldn't be reached for comment. Vale holds minority stakes in 18 oil and gas exploration blocks in the Santos, Espirito Santo, Para-Maranhao and Parnabaiba basins. In 2007, it spent $1 billion in purchasing stakes in nine blocks in a government auction, later doubling its holdings via purchases from private companies. In most of the blocks, Vale is a partner with state-controlled Petroleo Brasileiro SA (PBR, PETR4.BR), which may have preferential purchase rights if Vale sells its holdings. Vale officials have said the firm may keep some natural gas assets to use at its own operations. Earlier this month, Vale's chief executive Murilo Ferreira said the company would make a decision on the possible sale of its oil and gas assets by the middle of this year. -By Matthew Cowley, Dow Jones Newswires; +55 11 3544 7082; matthew.cowley@dowjones.com -Rogerio Jelmayer in Sao Paulo, Diana Kinch in Rio de Janeiro and Angel Gonzalez in Houston contributed.

Stock News for Companhia Vale Do Rio Doce (VALE)
DateTimeHeadline
10/16/201420:34:30Big Brazil Cabinet Becomes an Election Issue
09/26/201407:51:14Brazil Vale Signs Iron Ore Transport Accord With China Merchants...
09/22/201418:39:55ADR Shares End Lower; Mechel Shares Trade Actively
09/15/201409:21:18Correction to China Mining Story on Sept. 11
09/12/201412:44:14Vale, Cosco Group To Cooperate On Iron-Ore Shipping
09/10/201423:00:11China's Global Mining Play Is Failing to Pan Out
09/10/201405:56:18Baron Oil Takes Control of Peruvian License; Shares +16%
09/10/201403:18:45Baron Oil Signs Pact for Peruvian License
09/05/201417:38:25Brazilian Stocks Snap Winning Streak Ahead of Opinion Poll on...
08/06/201404:14:07Zambia Copper Output Rise 16% in First Half
08/01/201417:41:36Brazilian Shares Close Little Changed, JBS Rises; Real Stronger...
07/31/201415:49:46Brazil's Vale: Iron-Ore Price Floor Still $110/Ton Long-Term
07/29/201417:41:02Brazil Stocks Close Lower; Real Weakens Against Dollar
07/28/201418:10:48Brazilian Stocks Close Lower; Real Stronger Against Dollar
07/24/201410:20:21Brazil's Vale Posts Record 2Q Iron-Ore Output
07/24/201409:57:32Brazil's Vale Posts Record 2nd-Quarter Iron-Ore Output
07/17/201413:06:40Brazil's Vale Signs $2.5 Billion Financing Agreement With Bank...
07/17/201408:24:55Zambia Jan-May Copper Output Up 18% on Year on Expansions
06/04/201417:31:41Brazil's Suzano to Buy Forest Assets for BRL529 Million
06/03/201422:30:15Iluka Agrees Titanium Venture With Vale in Brazil

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