COMPANY NEWS: Petrobras eyes assets in financially strained Argentina

08/12/2002
The fallout from Argentina's fiscal woes has staggered the oil and gas industry there, as it has other sectors.That has provided a new window of opportunity for South America's most dynamic new petroleum sector player, Brazil's Petroleo Brasileiro SA (Petrobras).The fiscal crunch in Brazil's neighbor to the south has spurred Petrobras to shop for assets suddenly devalued as a result of Argentina's fiscal collapse.Petrobras recently announced plans to acquire a controlling interest in Perez Companc SA, South America's largest independent oil and gas company, for $1.18 billion (OGJ Online, July 29, 2002).That followed shortly Petrobras's announcement that it is c...
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