Petrobas Acquires ExxonMobile's Chilean Assets

August 2008 | M&A News Alert

Brazilian state-controlled oil company Petróleo Brasileiro (Petrobras) has agreed to buy US major ExxonMobil's stake in Esso Chile Petrolera, and its assets in other associated Chilean companies, for US$400mn. The acquisition is in line with Petrobras' medium-term strategy and their overseas investment plan focused on the expansion of its Latin American operations, as well as the increase of its presence in West Africa and the US Gulf of Mexico. A total sum of US$29.6bn has been allocated for investment in downstream activities between 2008-2012, equal to a 35% increase on the Brazilian company's 2007-2011 investment plan.

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