Americas News
Negotiations Completed for $892 Million Petrobras Argentina Sale
Petróleo Brasileiro S.A. (Petrobras) has announced that the company and Pampa Energía S.A. (Pampa Energía) have completed negotiations in the sale of a 67.19 percent stake in Petrobras Argentina (PESA), which is owned by Petrobras Participaciones S.L., for $892 million.
Petrobras' assets in Argentina include the 30,500 barrel per day (bpd) Dr. Ricardo Eliçabe refinery in Bahia Blanca, which produces 380 cSt and180 cSt fuel oil, as well as MGO for the marine markets.
Petrobras says the transaction is part of its planned 2015-2019 divestment programme, and was conducted utilising a competitive process.
The company adds that the transaction's completion is "subject to the deliberation and approval of its final terms and conditions by the Executive Board and Board of Directors of Petrobras, along with the appropriate regulatory agencies."
Last August, Ship & Bunker reported that Petrobras was intending to sell around 25 percent of its fuel distribution unit, Petrobras Distribuidora SA (BR)
