BP: to combine Argentina subsidiary with Bridas unit.
(CercleFinance.com) - BP and Bridas, Argentina's largest private energy company, have agreed to merge their interests in oil and gas producer Pan American Energy (PAE) and refiner and marketer Axion to form a new integrated energy company in Argentina.
The new company, Pan American Energy Group (PAEG), will be equally owned by BP and Bridas.
This is a cash-free transaction, BP said, with no payments for the equity exchange to be made.
PAE is currently 60%-owned by BP and 40%-owned by Bridas, while Axion is wholly-owned by Bridas.
The agreement is expected to be completed in early 2018.
Copyright (c) 2017 CercleFinance.com. All rights reserved.
The new company, Pan American Energy Group (PAEG), will be equally owned by BP and Bridas.
This is a cash-free transaction, BP said, with no payments for the equity exchange to be made.
PAE is currently 60%-owned by BP and 40%-owned by Bridas, while Axion is wholly-owned by Bridas.
The agreement is expected to be completed in early 2018.
Copyright (c) 2017 CercleFinance.com. All rights reserved.