Brazil's Petrobras hives off stake in Argentine company

04-Jan-08
Brazil's state-owned oil and gas company Petrobras has sold its 40% share in Argentina-based petrochemical Cuyo for US$32 mln to Admire Trading Company. Admire holds 50.5% stake, while 9.5% stake is held by Inversor Petroquimica. Cuyo has an an annual polypropylene output of 100,000 tons, with exports to other Latin American countries, Asia and Europe. The company was part of the Perez Companc Group, acquired in 2002 by Petrobras to create the local Petrobras Argentina. The subsidiary holds shares in other petrochemical companies, including the San Martin General Complex, Zarate, Campana and Innova, which is located in the Triunfo petrochemical complex, in the southern Brazilian state of Rio Grande do Sul. Innova, whose stocks are entirely controlled by Petrobras Argentina, has three units that produce styrene, polystyrene and ethylbenzene, partially destined to the Argentine market.
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