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MarketWatch: Petrobras completes purchase of Shell Colombia assets

MarketWatch: Petrobras completes purchase of Shell Colombia assets


Apr 28, 2006


RIO DE JANEIRO (MarketWatch) — Brazil's state-run oil firm Petroleo Brasileiro SA (PBR), or Petrobras, Friday said it has completed the acquisition of Royal Dutch Shell PLC's (RDSB.LN) fuel and distribution businesses in Colombia.


Petrobras is buying 39 gasoline stations and convenience stores in and around Bogota, a storage base, a lubricants plant in Puente Aranda and a terminal in Santa Marta, the company said in a filing to Brazil's stock-market regulator.


The service stations will be changed to the Petrobras brand name within six months.


Petrobras signed agreements in December to buy Shell's fuel businesses in Colombia, as well as the totality of its operations in Paraguay and Uruguay, for about $140 million.


Petrobras already owns the largest fuel distribution network in Brazil and has market shares of 15% in Argentina and 25% in Bolivia.


The company has been active in Colombia since 1972 and in 2000 discovered the Guando field there, the largest discovery in Colombia in 15 years, according to Petrobras.


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