Petrobras sells stake in gas distributors

This week, Petrobras began selling its stake in Gaspetro. The holding company, with the participation of 19 natural gas distributors in the country, has a 51% share of the state-owned company. Together, the companies have a distribution network of more than 10,000 km of pipelines, serving about 500,000 customers.

Investors who have net worth of at least $500 million or financial investors with at least $1 billion in assets under management can participate in the purchase. In addition, the buyer may not have a company with agents from other links other than the distribution of the natural gas supply chain. Thus, producers and transporters of natural gas are excluded, according to the determination.

The Confidential Information Memorandum must be distributed by the company as of March 13 this year. For the non-binding stage, the deadline for signing the Confidentiality Agreement and certificate of conformity and gaining access to the Memorandum will be March 20, 2020. 

Petrobras' departure from the natural gas distribution segment is part of the agreement signed with the Administrative Council for Economic Defense (Cade) for the natural gas sector. 

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