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Business News Americas: Petrobras concludes US$140mn Shell downstream acquisition – Brazil, Uruguay

(BNamericas.com) – Brazil’s federal energy company Petrobras (NYSE: PBR) has concluded the acquisition of Anglo-Dutch oil company Shell’s (NYSE: RDS-B) downstream assets in Uruguay, completing a US$140mn takeover of Shell’s assets in three countries in the region, Petrobras said in a statement.

The package also includes Shell’s downstream assets in Paraguay and Colombia as announced in December 2005. The conclusion of the acquisition of Paraguayan assets, including 132 retail fuel outlets and liquefied petroleum gas (LPG) distribution units, was concluded in early April, while the acquisition of Shell’s Colombian assets was concluded at end-April when Petrobras took over 38 retail service stations. Petrobras now assumes operational control of the 89 service stations and aviation fuel outlets in Uruguay. The changeover to Petrobras operational standards will be ongoing over the next 12 months, the statement said.

Petrobras also concluded on Thursday (June 1) the acquisition of a 51% controlling stake in Uruguayan gas distribution company Gaseba from French gas company Gaz de France for US$13mn, Brazilian press reported.

The transaction is part of company strategy to expand its international operations with a focus on South America. The company now has operations in all South American countries with the exception of Chile, Suriname, French Guiana and Guyana.

The company has, however, announced plans to enter the Chilean market through acquisitions or greenfield investments. – (BNamericas.com)
 

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