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Petrobras Argentina is among the four largest producers of oil
and gas in the neighboring country and has extensive downstream
operations, including refining, petrochemicals and power
generation.
The Brazilian company said earlier this year that it planned to
sell its stake in Petrobras Argentina, as it tries to reduce
debt and raise capital to keep core investments going in Brazil.
Petrobras said its board approved talks with Pampa Energia for a
period of 30 days that could be extended for another 30 days.
"The transaction would still be subject to approvals of the
terms and final conditions by our board and management, and by
the market regulators," Petrobras said in the filing.
Argentina-based Pampa Energia SA is the largest integrated power
company in Argentina and produced around 8 percent of all the
country's electricity, according to information on its website.
Its press office did not immediately respond to a request for
comment.
Pampa controls Transener, which operates Argentina's largest
high tension power transmission line, and also has a stake on
Edenor, the largest power distributor firm in the country.
In a separate filing, Petrobras said its board had also approved
the start of a competitive process to sell rights to explore and
develop a group of onshore oil fields in Brazil, along with
related assets, without naming possible buyers.
(Reporting by Brad Haynes, Priscila Jordao and Marcelo Teixeira;
Editing by W Simon)
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