February 16, 2011 at 10:12 pm #2378
Pan American to buy Exxon assets in Argentina-report
BUENOS AIRES, Feb 15, 2011 Reuters – Pan American Energy has agreed to buy an oil refinery and nearly 450 service stations from Esso, the Argentine unit of Exxon Mobil Corp, leading Argentine newspaper La Nacion reported Tuesday.
The deal is valued at between $800 million and $850 million, La Nacion said, citing unnamed executives linked to the negotiations between the two companies.
Pan American is owned by Bridas Corp, which is co-owned by China’s CNOOC and Argentina’s Bulgheroni family. A spokesman at Pan American declined to comment on the report while officials at Esso were not immediately available.
La Nacion said the deal could be announced as early as next week, adding that Esso will continue operating in Argentina as an energy producer. Esso’s refinery in the town of Campana, north of Buenos Aires, has capacity to process over 85,000 barrels per day of crude oil.
Argentina’s government would have to give the green light for the purchase to go forward.
February 16, 2011 at 10:14 pm #5268
Here is update on Pan Am making move on Esso Campana coking refinery in Argentina. Pan American co-owners are China’s Petchem/Refining group CNOOC and Argentina’s Bulgheroni Family.
China is very interested in Esso’s Camapana low sulfur fuel coke that for years went to nextdoor CVRD’s coal coking blast furnace for fuel (delivered cost petcoke or LS coal was much higher/equal to alternate Esso FOB sale price for petcoke). This ended in late 1990’s and now goes market. Because of Argentina’s diesel economy & low alternate placement of gasoline – coker heater was never pushed to remove volatile matter that was valued in fuel coke market.
The Esso coker (& heater) is 25MBD coker with FosterWheeler Technology (as are La Plata both -Shell & YPF’s, and YPF’s Mendosa (Lujan de Cuyo)).
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