The amount of money involved was not disclosed in the statement but the head of Uruguay's state energy company ANCAP told Reuters on Saturday the stake had been valued at $11 million.

"ANCAP will receive one dollar because there were lawsuits pending that were valued at the same amount as the shares, $11 million," said company head Juan Justo Amaro.

As a result of its purchase, PDVSA now owns a 94.38 percent stake in Petrolera del Conosur, which operates at a loss.

Amaro said the business was not profitable for ANCAP because prices to the public in Argentina were not high enough to cover the cost of buying and distributing the fuel.