Brazil’s Petrobras buys Shell service stations in Latin America

26 December 2005

Rio de Janeiro, 26 Dec – Brazilian state energy firm Petrobras has paid US$ 140 million to acquire Royal Dutch Shell’s fuel businesses in Colombia and all Shell’s operations in Paraguay and Uruguay.

In a note to the Sao Paulo Stock Exchange (BOVESPA) last week, Petrobras said among other Shell assets, it would take control of 38 service stations in Bogota and another 134 across Paraguay and 89 in Uruguay.

The final value of the transaction will be fixed following the handover of Shell’s assets to the Brazilian company during 2006, Petrobras said.

The purchase is part of a strategy by Petrobras to become an integrated energy company with a strong presence in Latin America, the Brazilian company said. (macauhub)