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Petrobras agrees to sell Argentina, Chile assets for $1.4 billion

Brazil state-run corporation Petróleo Brasileiro S.A. (Petrobras) announced in a recent company press release that it has finalized negotiations to sell its assets in Argentina and Chile to an electricity firm and a private equity fund respectively.

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Author: PetrolPlaza Correspondent Daniel Infante Tuaño

Petrobras Participaciones S.L. is selling its entire stake (67.19%) in Petrobras Argentina (PESA) to Argentinian electricity firm Pampa Energía for $892 million.

As part of the transaction, Petrobras will continue to control 33.6% of the Rio Neuquen natural gas concession in Argentina and retain full ownership of Colpa Caranda natural gas fields in Bolivia.

In a separate filing, Petrobas’s entire stake, owned through Petrobras Caribe, in Petrobras Chile Distribución Ltda. (“PCD”) will be sold to Latin American private equity fund Southern Cross Group for about $490 million.

The transaction involves the sale of PCD’s 279 service stations, 8 owned fuel distribution terminals, 11 operations at airports, participation in 2 logistics companies, and 1 plant of lubricants in Chile.

Both sales are still subject to deliberations and approval of Petrobras’s board and corresponding regulatory bodies.

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