Petrobras International Acquires 40% Stake in Petrobras Energia Peru for $423.3 million

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Researched by Industrial Info Resources (Sugar Land, Texas)--Petrobras International Braspetro (PIBBV), a Netherlands-based subsidiary of Brazilian energy firm Petrobras (NYSE:PBR), has been authorized to acquire 40% of Petrobras Energia Peru S.A.'s joint stock. The decision was made on December 21, 2007, after the approval from Petrobras Energia S.A.'s board.

Valores Internacional de Espana S.L., an Argentina-based subsidiary of Petrobras Energia S.A. (PESA), currently owns the Peruvian company. After the $423.3 million transaction is complete, PESA will control 59.79% of the joint stock, and the remaining 40% will go to PIBBV. Petrobras Energia Peru holds 100% of the shares of Lot X in northwestern Peru's Talara Basin where it has a production capacity of 15,000 barrels per day of oil equivalent, representing the company's most important asset. Furthermore, Petrobras Energia Peru also participates in five exploration lots that are still in their initial prospecting phase. The resources will allow the firm to execute part of its strategic plan, which aims at boosting its investments in Argentina.

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