We were granted the "Corporate Liability Management of the Year" award by LatinFinance magazine, late Thursday evening, in New York, for having been considered the company with the best debt management operation on the international capital markets in 2016.
Our average oil output in Brazil set an annual historical record in 2016, coming in at 2,144,256 barrels per day (bpd), 0.75 percent more than a year ago and in line with the 2,145,000 bpd target for the period. We met our planning for the second year in a row, underpinning our commitment to the predictability of our projections.
We completed the sale transaction of 100 percent of Petrobras Chile Distribuición Ltda (PCD) to the Southern Cross Group. The deal had been signed on July 22, 2016. The value of the cash inflow resulting from the transaction was $470 million. Of the total, $90 million derived from the distribution of PCD dividends net of taxes, on December 9, 2016, and the Southern Cross Group paid the remaining amount of $380 million today. This figure is still subject to final adjustments.
Yesterday, we completed the sale of 100 percent of our stakes in Nansei Sekiyu (“NSS”) to Taiyo Oil Company (“Taiyo”). The transaction was completed with the payment of $165 million by Taiyo, after all conditions precedent stipulated in the contract signed on October 17, 2016 had been met. This figure is still subject to final adjustments.