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Brazil Petrobras to buy Chevron Chile for $12 mln

Thu Nov 5, 2009 10:06am EST

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SAO PAULO, Nov 5 (Reuters) - Brazil's state-run oil company Petrobras (PETR4.SA)(PBR.N) said on Thursday it signed an agreement to buy Chevron Chile, a producer and seller of industrial lubricants under the brand name Texaco in Chile, for around $12 million.

Chevron Chile, a local unit of Chevron Corp (CVX.N) has about 6 percent of Chile's lubricants market, pegged at 15,900 cubic meters a year, Petrobras said.

Petrobras said it intends to end sales of Chevron Chile products under the name of Texaco and adopt the trade name Lubrax, to which it owns the rights.

Petrobras already operates in Argentina, Colombia, Paraguay, Chile and Uruguay.

In 2008, it acquired more than 230 filling stations and distribution centers for aviation fuels at 11 airports from Exxon Mobil Corp (XOM.N) in Chile.

(Reporting by Reese Ewing; Editing by Lisa Shumaker)



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