Brazilian state-owned oil and gas group Petrobras has signed a sale and purchase agreement with Southern Cross for its entire stake in Petrobras Chile Distribuición (PCD), held through Petrobras Caribe, for an estimated US$464m.
PCD is Petrobras’ fuel distribution company in Chile. It has 279 gas stations, 8 distribution terminals, operations at 11 airports, stakes in 2 logistics companies, and 1 lubricant plant.
The sale was carried out through a competitive bid process, as part of Petrobras’ 2015-2016 Disposal Plan. The completion of the transaction is expected to take three to four months, subject to compliance with certain prior conditions.
In addition, Petrobras has announced the sale of its 50% stake in the 253 MW Tumarin hydropower project in Nicaragua to Nicaraguan state-owned power utility Empresa Nicaraguense de Electricidad and Distribuidora de Electricidad del Norte, for US$44.2m. The hydropower project is currently under construction and expected to be commissioned in 2019.