Bridas completes purchase of Esso's downstream assets

Buenos Aires-based Bridas Corporation has completed the acquisition of the Argentine downstream assets of US oil major Exxon Mobil (NYSE: XOM) subsidiary Esso. The former will now operate the new assets through its Pan American Energy ( PAE) subsidiary, Esso announced in a press release. As well as over 500 service stations across Argentina, Paraguay and Uruguay, Bridas will acquire Esso's 90,000b/d Campana refinery in Buenos Aires state. Three distribution terminals across Argentina will also be purchased through the deal. A PAE spokesman refused to comment on the price of the transaction when contacted by BNamericas. Local press suggest the deal to be worth US$600mn-850mn. Bridas Corporation, which is jointly owned by Argentine Bulgheroni Group and China's CNOOC, recently took complete control of PAE following a US$7.06bn acquisition of a 60% share owned by UK major BP (NYSE: BP). The acquisition gives PAE shares of 13.7% and 17% in Argentina's distribution and refining markets.