Exxon (XOM) Sells Assets to Pan American Energy

Exxon Mobil (NYSE:XOM) has agreed to sell over 700 service stations in Latin American countries, along with an oil refinery, to Pan American Energy

Concerning the service stations, Pan American will acquire 500 in Argentina, and another 220 in Paraguay and Uruguay.

The refinery being sold is based in Campana, a town north of Buenos Aires. Processing capacity there is close to 90,000 a day.

Exxon Mobil said in the statement that it will retain control of its energy exploration and production assets in the region.

The sale is expected to close in the second half of 2011 after receiving regulatory approval. Terms of the deal weren't disclosed.