Deals
Petrobras to Sell Argentina, Chile Assets for $1.4 Billion
- Pampa Energia takes 67.2% stake in unit for $892 million
- Southern Cross takes Chilean fuel distribution operations
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Petrobras has agreed to sell assets in Argentina and Chile for about $1.4 billion as Brazil’s state-controlled oil producer looks to raise cash and focus on deep-water projects in Brazil.
The Rio de Janeiro-based producer has completed negotiations to sell its 67.2 percent stake in Petrobras Argentina SA to Pampa Energia SA for $892 million, it said Tuesday in a regulatory filing. It also agreed to sell Petrobras Chile Distribucion Ltda. to Southern Cross Group, a private equity company, for about $490 million, it said in a separate filing.