Rio de Janeiro, Nov 5 (EFE).- Brazilian oil giant Petrobras said Thursday it purchased all of U.S.-based supermajor Chevron Corp.'s assets in Chile for $12 million.

San Ramon, California-based Chevron's unit in Chile sold Texaco-brand lubricants, Petrobras said.

The deal is expected to close in a month, with Petrobras taking control of a lubricant plant in Santiago and 23 storage tanks.

Chevron agreed to supply raw materials and allow Petrobras to continue using the Texaco brand during a 24-month transition period.

Petrobras plans to produce and market lubricants in Chile under its Lubrax brand.

The Brazilian energy giant said the acquisition would allow it to increase its share of the Chilean lubricants market to 6 percent and to expand its distribution network in the South American country.

Petrobras currently operates 230 service stations in Chile and sells fuel at 11 airports and six fuel terminals, giving it a 16 percent share of the wholesale market and a 7 percent share of the industrial market. EFE

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<<EFE News Services (U.S.) Inc. -- 11/06/2009>>