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Brazil’s state-run oil company Petrobras signed a contract to sell its Shale Industrialization Unit (SIX) for $33-million to Forbes & Manhattan Resources, it said in a filing on Thursday.

The refining unit is in Parana state on one of the world’s largest reserves of oil shale, a sedimentary rock with organic matter that can be converted to oil and gas by heating.

It is the third refinery Petrobras has sold in its divestment strategy that will in total sell eight refineries.

The buyer is wholly owned by Forbes & Manhattan Inc, a private merchant bank based in Toronto, Canada.

Petrobras said $3-million has been paid to guarantee the sale. The deal is still subject to approval by Brazil’s antitrust regulator CADE.

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