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Brazil's Petrobras sells Argentina, Chile assets for combined $1.38B

  • Petrobras (NYSE:PBR) says it sold a 67% stake in its Petrobras Argentina (NYSE:PZE) subsidiary to Argentinian energy firm Pampa Energia for $892M, and sold its Chilean unit to P-E firm Southern Cross Group for $490M.
  • The sales are part of a $15.1B divestment plan that the Brazilian state-run oil firm announced in the middle of last year, and are some of the first successes after struggling to sell assets as the oil industry tries to cope with low oil prices.
  • Now read Petrobras, oil sector could get lift from impeachment, analysts say

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Petróleo Brasileiro S.A. - Petrobras