PetroChina To Acquire Petrobras Assets In Peru For Nearly $2.6 Bln - Quick Facts

(RTTNews) - PetroChina Company Ltd. (PTR) reported that CNPC E&D Holdings Cooperatief U.A. and CNODC International Holding Ltd., both being indirect units of the company, inked a deal with Petrobras International Braspetro B.V. or "PIB" and Petrobras De Valores Internacional De Espana S.L. or "PVIE" to purchase the entire shares of Petrobras Energia Peru S.A. from the sellers for around $2.6 billion.

The target company, Petrobras Energia Peru, comprises three blocks of oil and gas fields in Peru, of which the Target Company holds 100% stake in two blocks and a 46.16% stake in the third block. On the basis of the equity interests held by the Target Company, the three blocks have sizeable recoverable reserves, and the current output is about 0.8 million tons oil equivalent output per year.

The assets acquisition would help in expanding the scale of PetroChina's oil and gas cooperation in Latin America, and drive the sustainable development of PetroChina's overseas business, the company said. The transaction closure is subject to relevant government approval and the fulfillment of other conditions.