Brazil Buys ExxonMobil’s Assets in Chile for US$ 400 Million

An Esso gas station in Chile Petrobras, the Brazilian government-controlled oil and gas multinational, signed this week the purchase of ExxonMobil's assets in Esso Chile Petrolera and other associated Chilean companies.

Petrobras International Area Director Jorge Luiz Zelada said the operation involved US$ 400 million and will give the Brazilian company a 16% share of the Chilean fuel retail market in addition to a 14% share in the industrial area.

"With the deal, Petrobras now owns a network of 8,315 points of sale in six South American countries" said Zelada.

The package is made up of: 230 service stations, including 109 of which self-owned; about half of the total service stations have convenience stores; fuel distribution and sales at 11 airports; six fuel distribution terminals, two of which joint ventures. A 22% stake in Sociedad Nacional de Oleoductos, and 33% stake in Sociedad de Inversiones de Aviación.

Sales volumes in 2007 totaled approximately 74,000, 40,000, and 20,000 cubic meters per month in the retail, industrial, and aviation segments, respectively.

"The operation is important as it consolidates Petrobras' position in the South American market. We had little participation in Chile, a country where the economy is stable. With this deal, Petrobras now holds significant assets there," added Zelada.

In the coming five years, Petrobras plans to invest 90 million US dollars in Chile.

The deal reinforces Petrobras' image abroad, especially in Chile, a country to which the Company exported, in 2007, among other products, oil, LPG, natural gas, petrochemicals, and lubricants, totaling almost US$ 1.5 billion.

Petrobras has a network of almost 1.000 service stations in Argentina, Colombia, Paraguay, and Uruguay.

Mercopress

Tags:

You May Also Like

Brazil and Mercosur Vow to End Foot and Mouth Disease in 5 Years

Mercosur and associate members Chile and Bolivia agreed on a five year plan to ...

Stocks Go South in Brazil With Foreigners Redirecting Money to US

Brazilian stocks  sank into the red today, as investors reacted to a continued drop ...

Brazil’s Lula: We Are Beggars No More!

In an interview to Brazilian radio stations, Brazil President Luiz Inácio Lula da Silva recalled ...

In Brazil, Only 9% of Congress Members Are Women

Yesterday was World Population Day. The theme of the celebration this year was gender ...

Brazil Embraer's Phenom 300

Brazil’s Embraer Reinforces Sales Team for US, Canada and Mexico

Brazilian aircraft manufacturer Embraer has increased its North America's Executive Jets sales team by ...

Obama: The Same Who Want US Out of LatAm Now Say We Don’t Interfere Enough

American President Barack Obama joined Friday a controversy boiling in South America by denying ...

US Judge Hears Investors Claiming to Be Defrauded by Petrobras

Brazil’s state-run oil company Petrobras urged a U.S. judge to throw out an investors’ ...

In France, This Whole Year, Brazil Is the Word

In 1985 France began a series of Cultural Seasons (“Saisons Culturelles”) which honored foreign ...

LETTERS

In the eyes of its foreign creditors, Brazil’s most important spending concern has to ...

Brazil First in LatAm to End Chagas’s Disease Gotten by Barber Bug

Brazil is the first Latin American country to eliminate transmission of Chagas’ disease by ...