Petrobras sells stake in Gaspetro

Mitsui Gás e Energia do Brasil Ltda (Mitsui-Gás) has paid Petrobras $492.5 million for a 49% stake in Petrobras Gás S.A. (Gaspetro), a holding company which consolidates Petrobras's interests in state natural gas distributors.

According to Petrobras, the transaction was completed Monday (Dec. 28), after the company met all of the conditions set forth in the Share Purchase Agreement signed on October 23 this year. Petrobras added that the Administrative Council for Economic Defense (CADE) has also granted its final, unreserved approval.

With the sale, Petrobras says it has met its divestment target. “This transaction, initiated by competitive bidding, is part of the Divestment Program in the 2015-19 Business and Management Plan, and has enabled Petrobras to achieve its target of US$700 million for 2015, announced on October 5, 2015,” the company statement concluded.

Translated by Mayra Borges