Brazil's state-owned oil and gas giant Petrobras announced yesterday that it has signed an agreement worth US$400 million to buy ExxonMobil's stakes in Esso Chile Petrolera and other Chilean associated companies.

The announcement came months after Petrobras failed in its bid to buy ExxonMobil's assets in Brazil. In April, ExxonMobil sold its assets to Cosan, the world's biggest sugar cane processor for US$826 million.

Petrobras will acquire ExxonMobil's fuel distribution business in the retail, industrial and aviation markets, including 230 fuel stations, six fuel distribution units, two of which are joint ventures, and 11 airport fuel units.

Additionally, the Brazilian giant bought 22 percent shares of the Sociedad Nacional de Oleoductos, and 33.3 percent shares of the Sociedad de Inversiones de Aviacion.

Petrobras said the deal promoted the company's image abroad, particularly in Chile. In 2007, the company exported crude oil, liquefied petroleum gas, natural gas, petrochemicals and lubricants worth nearly US$1.5 billion to Chile.