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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
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
05/16/201416:55:55ADR Shares End Higher; Total, Baidu Shares Active
05/16/201414:30:14Rio Tinto Assures Guinea on Iron-Area Project
05/12/201404:37:37Obtala Gets Further Order for Timber Railway Sleepers from Vale
05/08/201418:23:44Brazil's Vale Unsure When New Caledonia Nickel Output To Resume
05/08/201407:07:03Emerging-Market Currencies Higher--Update
05/08/201406:50:16Nickel Hits 2-Year High on Supply Fears
05/05/201414:50:38Eike Batista Returns to Brazil's Ibovespa Index
05/05/201414:38:19Eike Batista's MMX Mineracao e Metalicos Joins Ibovespa Index
04/30/201418:34:46Vale Earnings Fall on Sliding Iron-Ore Prices -- 2nd Update
04/30/201411:49:46Vale Earnings Fall on Sliding Iron-Ore Prices -- Update
04/25/201408:40:10Brazil Court Rules in Favor of Vale

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