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Two South American downstream deals completed

Hydrocarbon Engineering,

Pan American Energy has agreed to buy an oil refinery and over 700 service stations in Argentina, Uruguay and Paraguay from ExxonMobil. The company, owned by Bridas Corp, will acquire a 90 000 bpd refinery in Campana, north of Buenos Aires. The exact figures pertaining to the deal have not been released, but local press estimates the Argentine portion of the deal to be valued at US$ 650 – 700 million.

The move signals Pan American’s transformation into an integrated company both producing and refining crude oil. ExxonMobil will retain control of its upstream operations in the region.

Meanwhile, FMC Technologies has announced that it has received a US$ 125 million order from Petrobras to supply equipment for use in their offshore oil and gas developments.

The order, which consists of 32 subsea trees, represents the final phase of a 107 tree frame agreement announced in February 2010.

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