A PYMNTS Company

Argentina: Shell Argentina denies assets sale to Brazilian group

By  |  February 6, 2018

The oil company Shell Argentina has denied rumours alleging it had completed the sale of its assets to Brazilian business group Cosan, after a process that has lasted more than five years.

The president of Cosan, Mario Augusto Da Silva, has revealed his interest in becoming a subsidiary of Shell in Argentina, although the process must wait a little longer. Other heavyweight players such as Argentina’s state-owned YPF, Chile’s Quinenco and China’s Petrochina are also in negotiations to take over the assets held by the Argentine oil company.

Cosan, which together with Shell owns Raízen Combustiveis, the largest energy company in neighboring Brazil, would have made an offer to acquire Shell’s network of service stations (which includes 630 fuel sales outlets) and the Dock Sud refinery, but the process is still pending.

Full Content: Cronista

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.