RIO DE JANEIRO, Jan. 3 (Xinhua) -- Brazil's state-owned oil and gas company Petrobras announced Thursday that it sold its share in the Argentina-based petrochemical Cuyo for 32 million U.S. dollars.
The Brazilian company's 40 percent share was purchased by the group Admire Trading Company, which held 50.5 percent of the petrochemical, and by Inversor Petroquimica, which controlled the remaining 9.5 percent.
With an annual polypropylene output of 100,000 tons, Cuyo exports its products to other Latin American countries, Asia and Europe. In 2006, its sales reached 60 million dollars.
The company was part of the Perez Companc Group, acquired in 2002 by Petrobras to create the local Petrobras Argentina. The subsidiary holds shares in other petrochemical companies, including the San Martin General Complex, Zarate, Campana and Innova, which is located in the Triunfo petrochemical complex, in the southern Brazilian state of Rio Grande do Sul.
Innova, whose stocks are entirely controlled by Petrobras Argentina, has three units that produce styrene, polystyrene and ethylbenzene, partially destined to the Argentine market.
The Brazilian company's 40 percent share was purchased by the group Admire Trading Company, which held 50.5 percent of the petrochemical, and by Inversor Petroquimica, which controlled the remaining 9.5 percent.
With an annual polypropylene output of 100,000 tons, Cuyo exports its products to other Latin American countries, Asia and Europe. In 2006, its sales reached 60 million dollars.
The company was part of the Perez Companc Group, acquired in 2002 by Petrobras to create the local Petrobras Argentina. The subsidiary holds shares in other petrochemical companies, including the San Martin General Complex, Zarate, Campana and Innova, which is located in the Triunfo petrochemical complex, in the southern Brazilian state of Rio Grande do Sul.
Innova, whose stocks are entirely controlled by Petrobras Argentina, has three units that produce styrene, polystyrene and ethylbenzene, partially destined to the Argentine market.
