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Petrobras to get rid of all assets in Argentina

Xinhua, January 21, 2016 Adjust font size:

Brazilian state oil company Petrobras announced Wednesday that it was seeking to sell off its assets in Argentina, but it denied having received any offers.

Brazilian press has speculated in recent days that Petrobras was seeking to offload its Argentinean assets as part of its mass divestment program amid a cashflow crisis.

In a press release, Petrobras admitted that it was looking to offload these assets but denied any offers were on the table.

"In response to articles in the press, Petrobras has begun seeking to remove its participation from Petrobras Argentina," the statement said. "For the moment, no deal has been reached concerning this matter."

Petrobras was reportedly considering two offers, the first from Pampa, Argentina's largest electrical company, for 1.2 billion U.S. dollars and the second from YPF, worth 1.5 billion dollars.

Petrobras assured that "any relevant facts in this case will be released at the appropriate time."

Last year, Petrobras announced a major divestment plan, forced upon it by burgeoning debt and a corruption investigation that revealed at least 2 billion dollars were embezzled from this company between 2004 and 2014. Enditem