Petrobra has, through its subsidiary Petrobras International Braspetro B.V. (PIB BV), completed the sale of 100% of its equity interest in the companies Petrobras Paraguay Distribución Limited (PPDL UK), Petrobras Paraguay Operaciones y Logística SRL (PPOL) and Petrobras Paraguay Gas SRL (PPG) to the Copetrol Group, through its subsidiary Paraguay Energy.
The companies sold operate in Paraguay in the distribution and sale of fuels, LPG, lubricants and other special products, through a network of 201 service stations, as well as a proprietary storage terminal and operations at three airports.
The transaction was concluded with the payment of US$331.5 million by Paraguay Energy to PIB BV, after fulfilling all precedent conditions, in addition to US$49.3 million which had already been paid upon signing of the agreement, resulting in a cash inflow of US$380.8 million.
The agreement also provides for the licensing for the exclusive use of the Petrobras brand by the company Nextar (successor of Petrobras Paraguay Operaciones y Logística SRL), in service stations in that country, for an initial period of five years.
This project contributes to improving the company's capital allocation, thereby increasing value generation.
Read the article online at: https://www.tanksterminals.com/terminals/14032019/petrobras-closes-sale-of-distribution-in-paraguay/
McDermott's storage business, CB&I, was presented with two Field-Erected Tank of the Year awards by the Steel Tank Institute/Steel Plate Fabricators Association during its annual meeting in New Orleans, US.