YPF seeks Petrobras' Argentine assets
Bnamericas Published: Thursday, December 13, 2012
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Argentina's state-run YPF (NYSE: YPF) is reportedly preparing a bid for a stake in the local oil and gas assets of Brazil's Petrobras (NYSE: PBR). The Rio de Janeiro-based oil and gas major has included its Argentine operations in plans to raise up to US$14.8bn in foreign asset sales, Brazilian media reported. Petrobras' Argentine portfolio includes oil and gas exploration and production fields, refineries, petrochemical plants and electricity generation. According to local media the company has earmarked its 28.5% stake in the Refinor oil refinery in the northern province of Salta as a likely divestment target. An unnamed YPF source reportedly said the company would bid for Petrobras' Argentine assets "due to their importance to the local energy market." Formerly owned by Spain's Repsol (NYSE: REP), YPF was nationalized by Argentina President Cristina Fernández in April.
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