Petrobras: Agreement to sell Petrobras Chile is signed
Published by Angharad Lock,
Digital Assistant Editor
Hydrocarbon Engineering,
Petróleo Brasileiro S.A. (Petrobras) has signed a sale and purchase agreement with the Southern Cross Group for 100% of Petrobras Chile Distribuición Ltda (PCD), held through Petrobras Caribe Ltda.
The estimated cash inflow from the deal is US$464 million, divided as follows: US$88 million arising from the distribution of surplus cash before the transaction closed; US$367 million to be paid by Southern Cross on the day of closing; and a price adjustment payment of US$9 million, to be made within 65 working days after closing.
The deal’s completion is subject to compliance with certain prior conditions.
This transaction, carried out through a competitive bid process, is an important part of Petrobras’ 2015-2016 Disposal Plan.
Edited from press release by Angharad Lock
Read the article online at: https://www.hydrocarbonengineering.com/refining/25072016/agreement-to-sell-petrobras-chile-is-signed-2824/
You might also like
Hydrocarbon Engineering Podcast
Susan Bell, Senior Vice President within Commodity Markets – Oil, Rystad Energy, discusses the impact of trade wars on global oil demand and oil prices, in light of President Trump’s ‘Liberation Day’ tariffs.
Sempra Infrastructure and JERA sign heads of agreement for US LNG supply
The deal is for a 20-year sale and purchase agreement for LNG offtake of 1.5 million tpy on a free on board basis from the Port Arthur LNG Phase 2 development project.