Peter Howard Wertheim
OGJ Correspondent
RIO DE JANEIRO, Jan. 10 -- Brazil's state-held Petroleo Brasileiro SA (Petrobras) has agreed to buy oil products businesses in Colombia, Paraguay, and Uruguay from Royal Dutch Shell PLC for about $140 million.
Petrobras said the final cost of the deal would be tallied later this year, when the properties are expected to change hands.
Petrobras will acquire 38 retail outlets in Bogota, a commercial fuels business, a lubricants processing facility in Puente Aranda, and an oil depot in Santa Marta.
In Paraguay, Petrobras is buying 134 retail outlets as well as an LPG business and aviation fuel operations at the Asuncion and Ciudad del Este airports.
Petrobras is acquiring 89 retail outlets in Uruguay, aviation fuel facilities at the Montevideo airport, and an asphalt business.
Petrobras's acquisition falls in line with its plan to create an integrated energy company with a strong presence in Latin America.
Last week, Brazil and Venezuela broke ground on a refinery that will be jointly operated by the countries' state-owned oil firms. The 200,000 b/d Gen. Jose Ignacio Abreu e Lima refinery, in port city Suape, about 40 km from Recife in northeastern Brazil, is a joint venture of Petrobras and Petroleos de Venezuela SA.
Brazil and Venezuela are each putting up $2.5 billion for the project, which is to begin operations in 2011.
