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BP, Bridas complete formation of joint venture

BP Plc and Bridas Corp. have completed the formation of Pan American Energy Group, or PAEG, a 50/50 joint venture announced in September.

PAEG was formed by the combination of Pan American Energy and Axion Energy. BP owned 60% of Pan American Energy and Bridas owned 40%; Axion had been wholly owned by Bridas.

The new company is now the largest privately owned integrated energy company operating in Argentina, BP said in a statement.

The cash-free transaction had originally been expected to close in early 2018.