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Latino Daily News

Saturday July 26, 2014

Brazil’s Petrobras Looking to Sell Argentine Assets

Brazil’s Petrobras Looking to Sell Argentine Assets

Photo: Petrobras

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Brazilian state-controlled oil giant Petrobras is once again looking to divest assets in Argentina, including oil fields in that country’s southern region that yield 20,000 barrels of crude per day, Argentine media outlets said Friday.

Company sources consulted by Efe did not confirm the reports, but they said an announcement to that effect may be made in the coming days.

The sale also will include the Punta Loyola terminal near the southern city of Rio Gallegos, which has the capacity to store 140,000 cubic meters (4.9 million cubic feet) of crude per month, Buenos Aires daily La Nacion said.

The paper said Petrobras has hired Scotia Waterous, the oil and gas arm of Scotiabank, to manage the divestment of its Argentine assets, valued at roughly $300 million, and seek potential buyers.

Petrobras has had a presence in Argentina since 1993 and participates throughout that country’s energy chain.

The Brazilian energy giant sought to divest its Argentine assets last year as part of a broader plan to raise funds for investments in its domestic business, but was unsatisfied with the offers it received.

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