Petrobras' Argentine subsidiary hives off 40% stake in Argentina

Petrobras' Argentine subsidiary Petrobras Energia, has sold 40% of its stake in Argentina Petroquimica Cuyo to Admire Trading Company (Buenos Aires, Argentina) and Grupo Inversor Petroquimico (Petrochemical Investment Group for US$32 mln. Admire Trading Company currently holds 50.5% shares in the plant. The Cuyo petrochemical plant, established in 1989, has the capacity to produce 120,000 tpa of polypropylene and derivates. Since inception, the company has been unable to expand capacity because of a paucity of raw material and natural gas in Argentina, making it difficult for the plant to compete with larger capacity companies like Braskem and Polibrasil, whose production volumes surpass 500,000 tpa. Petrobras Energia purchased Petroquimica Cuyo from Perez Companc Company for US$1 bln, in 2002.
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