Petrobras and YPF looking at asset swap

Aug 04, 1999 02:00 AM

Oil majors Petrobras (Brazil) and Repsol-YPF (Argentina) are defining negotiations to spread operations throughout the Mercosur trade block, looking attentively to the profitability of their businesses in the local markets. For instance, Petrobras is used to profits in the service stations end, while Repsol-YPF gets more profits from oil refining, and has to divest fuel distribution assets to comply with directive from the Argentinean government.
Given the circumstances they will swap assets, with Petrobras to gain around 800 service stations in Argentina from EG3 subsidiary, while Repsol-YPF will get a stake in a Brazilian oil refinery.
Petrobras has a crude production of 1.1 mm and a refining capacity of 1.6 mm bpd, while manages a fuels distribution chain able to sell 480,000 bpd.
As the oil monopoly ended its need is to expand operations, it is now balancing its assets.
On the other hand YPF has a 29 % stake in the Rio de Janeiro based Manguinhos refinery, partnered to a localprivate group, and an association with Petrobras in Bahia Blanca.

Source: La Nacion Page via Newspage
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