Political Risk Latin America Blog @PolRiskLatam

Pan American to buy Exxon assets in South America

Posted in News and Articles, Political Risk by politicalrisklatam on March 2, 2011

by Reuters, March 1st, 2011.

Exxon sells assets in three South American countries

Pan American set to become integrated energy company (Rewrites with official information, details)

Pan American Energy has agreed to buy an oil refinery and more than 700 service stations in three South American countries from Exxon Mobil Corp (XOM.N), the oil giant’s Argentine unit said on Tuesday.

Pan American, which is owned by Bridas Corp — itself co-owned by China’s CNOOC (0883.HK) and Argentina’s Bulgheroni family — will be buying 500 service stations in Argentina and another 220 in Uruguay and Paraguay.

It will also acquire a refinery in the town of Campana, north of Buenos Aires, that has the capacity to process about 90,000 barrels per day of crude oil.

Exxon Mobil expects to complete the sale in the second half of this year following regulatory approval, the statement said, without putting a value on the deal. Local press estimated the value of the Argentine portion of the deal at $650 million to $700 million. (continue reading… )

 

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