Petrobras shares rise on report Brazil government to pay oil company $14 billion

Common shares in state-controlled oil company Petroleo Brasileiro SA rose 5.5 percent in Sao Paulo after a newspaper reported the government will pay $14 billion to the company to settle a dispute about a so-called transfer of rights area off the Brazilian coast.

The Brazilian newspaper Valor Economico, which did not say how it obtained the information, said the settlement has been discussed with President Jair Bolsonaro’s transition team.

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