Brazil-based oil producer Petroleo Brasileiro (Petrobras) has completed the previously announced sale of its 67.2% stake in Petrobras Argentina (PESA) unit to Pampa Energía for $892m.
Argentina’s Pampa Energía is engaged in the oil and gas sector, as well as on the generation, transmission and distribution of electric energy.
Petrobras will retain 33.6% of the Rio Neuquen concession, areas with natural gas production potential in the Neuquén Basin, in Argentina.
In addition, 100% of the Colpa Caranda asset, natural gas producing fields in Bolivia would be with Petrobras.
Separately, Petrobras has concluded the sale of 100% of Petrobras Chile Distribución (PCD) subsidiary to Southern Cross Group for $490m.
PCD, the distribution company of Petrobras in Chile, has 279 service stations and eight owned fuel distribution terminals.
The unit also has 11 operations at airports, participation in two logistics companies and one lubricants plant.
The sales are part of a $15.1bn divestment plan announced by Petrobras during mid-2015.
Petrobras Argentina has assets including gasoline stations, a refinery, as well as interests in electricity companies and drilling rights for several oil and gas fields, Bloomberg reported.
The unit was established in 1993 and later on expanded into 700 service stations in 2001, with the acquisition of Eg3 from Sociedad Comercial del Plata.
