Raizen, a Brazilian joint venture of Shell and Cosan, will sell its Argentine downstream operations to Mercuria Energy Group. The transaction is valued at $1.42 billion.
The sale includes all downstream activities: refining, fuel distribution, and lubricant sales.
The transaction value comprises a cash payment and Mercuria's assumption of Raizen Argentina's existing debt.
Raizen stated the sale aligns with its strategy to optimize its portfolio and simplify its operational structure. The net proceeds will manage the company's capital structure and reduce its significant debt burden.