Sale of stake in company in Argentina was started in May by Petrobras and took another important step last Friday (30/08)

As Click Oil and Gas announced in May, Petrobras had announced the sale of the 34% stake it holds in Companhia Mega de Argentina.
Well, now the Brazilian state-owned company announces the advance in one more stage in this process. Petrobras began delivering invitation letters to interested parties qualified in the previous phase.

This phase is called the binding phase of the offer and contains instructions on the divestment process, including how companies must present their proposals for Petrobras' participation in the factory.

The factory in Argentina

A Mega is a plant in argentina that processes natural gas and fractionates its liquids (ethane, propane, butane and natural gasoline), and has a capacity of more than 40 million cubic meters per day and a natural gas liquid fractionation unit with a capacity of up to 5 million m³/day.
Petrobras has as partners in Mega, the Spanish Repsol YPF and the American Dow Chemical. Mega has been in operation since April 2001.

The sale of Petrobras' stake is part of the company's divestment program, which is being accelerated under the management of the new president, Roberto Castello Branco.

Petrobras has already announced the sale of eight refineries out of its 13 refineries and intends to raise around US$ 15 billion to reduce the company's debt.

The state-owned company's planning is also to reduce operating costs and save about US$ 8,1 billion. For such already announced the closure of several offices throughout Brazil, such as the Edinc building in Macaé.

The company's objective with its divestment plan, in addition to amortizing debts, is to dispose of assets that the company's management does not consider to be its main expertise, which is the exploration and production of oil and gas in deep and ultra-deep waters.

Read too ! Lecture on Petrobras investments in the Santos Basin next Tuesday!