Petrobras plans to sell Argentina business but retain Texas refinery

By JEFF FICK

RIO DE JANEIRO -- Brazilian state-run energy giant Petroleo Brasileiro, or Petrobras, is in talks to sell off its Argentine unit as part of a $9.9 billion divestment plan, CEO Maria das Gracas Foster said Tuesday.

Speaking to reporters, Ms. Foster declined to provide any additional details about the talks because of their sensitive nature. Petrobras officials also declined to comment about other assets that the company may have up for sale.

Petrobras, however, has taken its Pasadena Refining System, a refinery located in Pasadena, Texas, off the market, Ms. Foster said. "Pasadena is no longer part of the divestment plan," Ms. Foster said.

Dow Jones Newswires

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