Petrobras To Buy Back Repsol Refinery Stake For $850M

Law360, New York (December 14, 2010, 5:51 PM ET) -- Brazilian state-owned oil company Petroleo Brasileiro SA agreed Tuesday to pay $850 million to repurchase Repsol YPF SA's stake in the country's fifth-largest refinery.

The deal includes $350 million for Repsol's 30 percent stake in the so-called Refap refinery, plus another $500 million to cover Repsol's share of the refinery's debt, Petrobras said.

The move once again gives the state oil company complete ownership of the refinery. Petrobras originally sold Repsol a stake in Refap in 2001 as the refinery began a five-year expansion process to...
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