Brazilian oil company Petrobras intends to sell its 34% stake in Argentinian natural gas processor Mega.
In a statement, Petrobras said that it has taken up a divestment programme under the leadership of new chief executive Roberto Castello Branco.
Mega owns a gas separation plant in the Loma La Lata Field, which can process up to 40 million cu m/d. It also operates a fractioning plant at the Bahia Blanca petrochemicals complex, which can process five million cu m/d into butane, ethane and propane.
The two plants are linked by a 600km, 12in-diameter pipeline.
Petrobras said: Mega has one of the biggest natural gas-processing installations in Argentina.
It said that the company is essential to Argentinas petrochemicals infrastructure.
The company also has plenty of potential, given Argentinas outlook for increase gas production from the Vaca Muerta shale formation.
It said: Studies to increase the plants capacity and gas-supply pipelines are already underway.
Commencing operations in 2001, the plants have been constructed using the latest technology and efficiency equipment.
Argentinas YPF has a 38% stake, while Dow Chemical retains the remaining 28% share, Petrobras said.
According to Petrobras, companies or investors keen on participating in the sales process should have had at least $200m in net revenue or assets under management in 2018.
Petrobras is updating its $26.9bn divestment programme, announced last year as part of the 2019-2023 investment plan, including an announcement in March that Petrobras will sell a 100% stake in eight refineries totalling a daily capacity of 1.1 million barrels.
The companys 2020-2024 investment plan is expected to be released in the fourth quarter.
The divestment programme is intended to refocus the company on its core area of deep-water exploration and production, particularly in the subsalt frontier offshore Brazil.
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