Bloomberg News

Conosur Rises Most Since 2009 on PDVSA Plans: Buenos Aires Mover

January 23, 2012

Jan. 20 (Bloomberg) -- Petrolera del Conosur SA, an Argentine fuel distributor, headed toward its biggest two-day gain in almost three years on news that its controller, Petroleos de Venezuela SA, will begin to refine oil in Argentina and speculation that the company could be sold.

Conosur, which operates service stations with the brands Sol and PDVsur in Argentina, rose 24 percent to 1.07 pesos at 12:45 p.m. Buenos Aires time. It has gained 43 percent in the last two days, the biggest two-day increase since March 2009.

“Besides the refining news moving the stock, there are ongoing rumors that the company could be sold,” Guillermo Maresco, a trader at Nacion Bursatil, said by telephone.

PDVSA, as the Venezuelan state-owned company is also known, will enter the refining business in Argentina, Planning Minister Julio de Vido said Jan. 18 during a visit to Caracas.

Gonzalo Rodriguez, a spokesman for Petrolera del Conosur, wasn’t available to comment, an assistant said by telephone. Communication officials at PDVSA didn’t answer calls or e-mails requesting comment.

--With assistance from Nathan Crooks in Caracas. Editors: Bill Faries, James Attwood.

To contact the reporter on this story: Eduardo Thomson in Santiago at ethomson1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net


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