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Tuesday 12 September 2017

BP, Bridas to merge PAE–Axion, forming new energy company


 BP PLC has agreed to form a new integrated energy company operating in Argentina in a deal with Bridas Corporation (Bridas).
BP and Bridas are to combine their interests in the oil and gas producer Pan American Energy (PAE) and the refiner and marketer Axion Energy (Axion) in a cash-free transaction.
PAE is Argentina’s second largest producer of oil and gas, with producing 262,000 barrels of oil daily, while Axion Energy owns and operates the 90,000 barrels of oil a day (b/d) refining capacity Campana refinery north of Buenos Aires, has over 750 retail sites in Argentina, Uruguay and Paraguay, and also has material lubricant and aviation fuels businesses.
The new company, Pan American Energy Group (PAEG), will be the largest privately-owned integrated energy company operating in Argentina.
PAEG will be owned equally by BP and Bridas. Bridas itself is a 50:50 joint venture of Bridas Energy Holdings of Argentina and CNOOC Limited of China.
PAE is currently owned 60 percent by BP and 40 percent by Bridas, while Axion is wholly-owned by Bridas.
The transaction is anticipated for completion in early 2018. 

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