Petrobras has concluded sale of Petrobras Chile for US$ 470 million

TV Jurerê
04:45:PM - 16/Feb/2017
Petrobras has concluded sale of Petrobras Chile for US$ 470 million

16/02/2017 | 4:45PM

Petrobras reported that it concluded on February 4th the sale of 100% of Petrobras Chile Distribution (PCD) to Southern Cross Group. With the deal, approved on July 22, 2016, Petrobras will have a cash inflow of US$ 470 million, of which US$ 90 million will come from the distribution of net dividends from PCD. The remaining US$ 380 million were paid by Southern Cross, the company said, adding that it is subject to final adjustments. 

PCD is Petrobras' fuel distribution company in Chile and has 279 service stations, a lubrication plant, eight distribution terminals, operations at 11 airports and participation in two logistics companies. The operation is part of Petrobras' 2015-2016 business and partnership sales plan, which reached US$ 13.6 billion in the two-year period, in a program aimed at reducing the company's indebtedness.