PDVSA Buys Stake In ANCAP Argentina

Venezuela’s state-owned oil company PDVSA has bought a 46% stake in the Argentine subsidiary of Uruguayan national oil company ANCAP. PDVSA has agreed to pay $15 million for its share in Petrolera Cono Sur, as the subsidiary is called, which operates 178 service stations in Argentina under the name Sol Petroleo. The move is part of Chávez’s strategy to invest in the region’s energy market.