Beijing: PetroChina, China’s biggest oil and natural gas producer, is to buy the entire shares of Petrobras Energia Peru for approximately $2.6bn.
The acquisition agreement was inked on Wednesday. According to PetroChina, the target company Petrobras Energia Peru has three oil and gas fields in Peru. The fields currently produce about 800,000 metric tons of oil equivalent a year.
“Peru is among the relatively stable countries in Latin America in terms of investment environment, the three blocks have profitability potentials,” the company said in a filing. [14/11/13]