Oil Combustibles SA, which is part of Argentina’s Indalo Group, has acquired the downstream business of Brazil’s Petróleo Brasileiro S.A. (Petrobras) in Argentina for USD 110 million.

The deal, which will be concluded within 90 days, is still subject to approval by Argentine regulators.

The sale includes a refinery in the central eastern province of Santa Fe and a fuel marketing network linked to the refinery, Petrobras said in a press release. The Energia refinery in the central eastern city of Bahia Blanca and its associated fuel distribution network were not part of the agreement.

Petrobras’ fuel retail network includes 360 fuel service stations and the associated wholesale customers whereas Oil Combustibles has 340 retail outlets. The latter also owns a refinery in San Lorenzo, in the southern province of Santa Fe.

Petrobras said it will sell its physical assets for USD 35 million and its inventories of oil and different fuel products for USD 74 million.

Petrobras’ international area director Jorge Zelada recently said that the company intends to focus primarily on oil exploration and production in Argentina.