Argentine Eurnekian to Buy 81% of CGC Oil Company, Clarin Says

Argentine businessman Eduardo Eurnekian will pay $200 million to Southern Cross Group for a 81 percent stake in the local oil producer Compania General de Combustible, newspaper Clarin reported.

The energy company has 16 fields in the provinces of Santa Cruz, Neuquen, Rio Negro, Salta, Formosa and in Venezuela, the Buenos Aires-based newspaper said.

Officials at CGC and Southern Cross Group in Buenos Aires, who asked not to be identified in accordance with company policy, declined to comment on the report. Eurnekian didn’t immediately respond to an e-mail seeking comment.

The agreement may accelerate plans to work with state-run YPF SA and make progress on a memorandum of understanding signed last year, the paper said. Eurnekian is also head of Aeropuertos Argentina 2000 which operates 33 airports in the country.

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