Petrobras sells Argentina, Chile assets for $1.38b

Brazil state oil giant Petrobras announced Tuesday it has concluded the sale of $1.38 billion in assets in Argentina and Chile.

Petrobras sold a 67.2 percent stake in Petrobras Argentina (PESA) to Argentina's Pampa Energia SA for $892 million, and all of Petrobras Chile Distribution Ltda to private equity firm Southern Cross Group for $490 million.

The sale, which still requires final approval from executives and the board of directors, comes as the group reels from Brazil's biggest corruption scandal and $100.4 billion in debt.