Petrobras completes sale of its fuel business in Chile for $470m

Petrobras has finalized the sale of 100% of Petrobras Chile Distribución (PCD) to the Southern Cross Group.

Southern Cross Group has acquired the Chilean branch of Petrobras for $470 million in a deal that was signed on the July 22, 2016.

PCD is a fuel distribution company for Brazilian oil company Petrobras in Chile and has 279 filling stations, a lubricant plant, eight distribution terminals, operations at 11 airports and a participation in two logistics companies.

Of the $470 million Southern Cross paid Petrobras, $90 million came from the distribution of dividends, net of PCD taxes, which took place on the 9th of December 2016, and the remaining $380 million was paid yesterday.

The Southern Cross Group is a private equity fund, with US$2.9 billion in assets under management, and focuses on investments in Latin America, in companies in the manufacturing, services, logistics and consumer product sectors.

The sale is an integral part of the 2015-2016 partnership and divestment plan, which has reached $13.6 billion over the two-year period. It is in line with the Petrobras Strategic Plan, which aims to optimize the business portfolio.