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El Paso buys Unocal's UnoPaso stake

Bnamericas Published: Thursday, July 29, 2004

A subsidiary of US energy company El Paso (NYSE: EP) has bought 50% of Brazilian exploration and production company UnoPaso from US oil company Unocal (NYSE: UCL) for US$61mn plus some US$7mn in working capital, Unocal said in a statement. The purchase brings El Paso's UnoPaso ownership up to 100%. Unocal may also receive up to US$19mn in potential additional payments contingent on attaining certain natural gas prices and/or volume thresholds, the statement said. The assets sold represent production of some 9,000 barrels of oil equivalent a day.

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