Rio, 11 (Agência Brasil - ABr) - Over the last 10 years, Petrobras has invested US$10 billion in Argentina and is now working to consolidate its position there. According to Petrobras president, Francisco Gros, the company considers Argentina a strategic market. Petrobras investments in Argentina this year should reach US$43 million, and US$140 million by 2005.

Gros reports that the company is interested in buying assets in Argentina "as long as they are good quality and have a good price." Thus, at the moment, Petrobras is closing a deal to buy the US firm Devon, which operates in Argentina, at a price of between US$150-200 million. With the purchase of Devon, Petrobras will double its oil and gas production and reserves in Argentina. (AB)