Petrobras Energia comples Argentinian oil refinery sale for $110MM

Source: Petrobras

Petrobras (PBR) announces that its subsidiary Petrobras Energia S.A. approved the terms and conditions of the sale of the refining and distribution assets in Argentina to Oil Combustibles S.A. The deal includes a refinery located in San Lorenzo, Santa Fe province; a river unit; and a fuel marketing network linked to the refinery, consisting of 360 service stations and their associated wholesale customers.

The offer for the mentioned assets was approximately $36 million. In addition, inventories of oil and of the different products will be sold to Oil Combustibles, on the closing date, for approximately $74 million. The total amount of the transaction is estimated at some $110 million.

The deadline for the completion of the sale was estimated at 90 days and is subject to the governmental approvals required by Argentina legislation.

The operation does not include the sale of the reformer unit that Petrobras Energía has in its Puerto General San Martín Petrochemical Complex.

Petrobras Energía reiterates its permanence in the refining and fuel marketing business, by continuing the operation of its refinery in the city of Bahía Blanca and of its corresponding commercial network.

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