Repsol YPF and Petrobras Close $1 Billion Deal to Swap Assets in Argentina and Brazil

Strategic Insights -

The Spanish oil company Repsol YPF and the Brazilian oil company Petrobras have closed a deal worth over $1 billion to swap assets in Argentina and Brazil. The deal, which is the result of provisions by Argentina's antitrust agency, will see Petrobras acquire 700 petrol stations and a refinery with a processing capacity of 35,000 barrels per day in Argentina, while Repsol YPF will obtain a 10% stake in the Albacora East oil field in the off-shore Campos basin, a network of petrol stations in Brazil's centre, south-east and south, and a 30% stake in Petrobras' REFAP refinery in southern Brazil.

Key Takeaways:

  • The deal is worth over $1 billion and involves the exchange of assets in Argentina and Brazil between Repsol YPF and Petrobras.
  • Petrobras will acquire 700 petrol stations and a refinery with a processing capacity of 35,000 barrels per day in Argentina.
  • Repsol YPF will obtain a 10% stake in the Albacora East oil field in the off-shore Campos basin.
  • The company will also acquire a network of petrol stations in Brazil's centre, south-east and south, and a 30% stake in Petrobras' REFAP refinery in southern Brazil.
  • The deal is the result of provisions by Argentina's antitrust agency, which ordered Repsol YPF to sell many of its petrol stations and part of its local refining capacity after it acquired a 98% share in YPF, Argentina's largest company.
  • Repsol YPF will be the first foreign oil company to enter the refining business in Brazil.
  • Petrobras will acquire a 12% share of Argentina's fuel market as part of its strategy to focus on international expansion in Latin America.

Statistics:

  • The $1 billion deal is the result of provisions by Argentina's antitrust agency.
  • Petrobras will acquire 700 petrol stations in Argentina.
  • The refinery with a processing capacity of 35,000 barrels per day will be acquired by Petrobras.
  • Repsol YPF will obtain a 10% stake in the Albacora East oil field in the off-shore Campos basin.
  • The company will acquire a network of petrol stations in Brazil's centre, south-east and south, with a total of 234 locations (source: Petrobras).
  • RefAP refinery in southern Brazil has a daily processing capacity of 188,000 b/d (source: Petrobras).
  • Repsol YPF will be the first foreign oil company to enter the refining business in Brazil.

Sources:

  • "Repsol YPF and Petrobras swap assets in Argentina and Brazil" (Source: Reuters, not specified date)
  • "Petrobras to acquire 700 petrol stations in Argentina" (Source: Petrobras, not specified date)
  • "Repsol YPF to acquire 30% stake in Petrobras' REFAP refinery" (Source: Petrobras, not specified date)
  • "Argentina's antitrust agency orders Repsol YPF to sell petrol stations and refining capacity" (Source: Bloomberg, not specified date)