(Energy Analytics Institute, Jared Yamin, 23.May.2016) – A group of Argentina businessmen plan to buy the assets of Petrolera del Cono Sur, a subsidiary of PDVSA in Argentina.
The assets include 95 service stations as well as storage tanks in the Dock Sud, reported the daily newspaper La Nación.
The group, denominated GMM, is headed by Emilio González Moreno, a former shareholder in Banco Patagonia and one of the owners of Grupo Fip, a company dedicated to the distribution of fuels in Argentina.
PDVSA Argentina currently holds a 95 percent interest in Petrolera del Cono Sur while the remaining 5 percent interest in the company is controlled by investors via stocks emitted on the Argentine stock market.
The offer to buy the assets is expected to be completed over the next 14-18 months. During this time, the company plans to import fuels and reduce the monthly deficit — estimated at around $880,000 per month.
The name PDV Sur will not be removed from the service stations, at least not yet, reported the daily.
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