Petrobras sells 40% stake in Gemini LNG

Petrobras has signed a contract with the Brazilian multinational White Martins to sell its 40% stake in Gemini LNG Marketing and Gas Logistics. The Gemini Consortium is formed by Petrobras, White Martins and Gás Local. In the agreement, an adjustment was also agreed on the commercial conditions of gas supply by Petrobras.

In a statement, the state said that the agreement depends on approval by the Administrative Council of Economic Defense (Cade).

The Gemini Consortium is the target of an investigation process in Cade, established from the representation of the São Paulo Gas Company (Comgas), which alleges the practice of cross subsidies and price discrimination in the supply of natural gas to the Gemini Consortium.

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