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Brazil State Oi Firm Buys Exxon's Esso Stake

Brazil's state-owned oil and gas giant Petrobras has signed an agreement worth US$400 million

Brazil's state oil company Petrobras has signed an agreement to buy ExxonMobil's stakes in Esso Chile Petrolera for US$400 million.

The announcement has come months after Petrobras failed in its bid to buy ExxonMobil's assets in Brazil.

Petrobras will acquire ExxonMobil's fuel distribution business in the retail, industrial and aviation markets.