Petrobras Plans To Buy Devon's Argentine Unit

Petroleo Brasileiro, the state controlled Brazilian oil company, may buy the Argentine unit of America’s Devon Energy to ensure its own supplies for a refinery in Argentina.

Petrobras, which is the world's twelfth largest oil producer, said in a statement that it is considering acquiring Petrolera Santa Fe. The company is interested in Santa Fe to gain control over some of the oil supplies it buys from other producers to feed its refinery in Bahia Blanca, 800 kilometers (500 miles) south of Buenos Aires.

“What Petrobras wants in Argentina is its own crude oil,” said Ricardo Sarmiento, a Petrobras spokesman in Argentina.

Petrobras plans to buy oil companies outside its home market under a $33 billion program to boost output and help Brazil become self sufficient in oil by 2006. The company also hopes to increase dollar revenue by producing and selling more oil outside of the Brazilian market.

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