Argentina's YPF concludes strategic deals
Argentine state oil company YPF completed two transactions as part of its strategy to focus on the Vaca Muerta formation and divest non-strategic assets.
The firm sold YPF Brasil Comercio de Derivados de Petróleo to GMZ Holding and IGP Holding Participações, with Usiquímica do Brasil as guarantor of the operation. The sale price was US$2.3mn, according to a regulatory filing.
YPF granted the buyers a license and authorization to produce and sell lubricant products under the YPF brands in Brazil.
In addition, the company completed the acquisitionof Mobil Argentina from ExxonMobil and QatarEnergy last week in a deal worth US$327mn.
Mobil Argentina owns 54% of the Sierra Chata concession, one of the most promising Vaca Muerta gas fields. The remaining 46% is owned by the concession’s operator, Pampa Energía.
The transaction price includes the purchase of the company's working capital and the price adjustment between the effective date and the closing date.
Following the acquisition, Mobil Argentina has been renamed SC Gas, with YPF as its sole shareholder.
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