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Petrobras Closed with Compass the Sale of 51% of Its Shares in Gaspetro, a Holding Company That Holds Interests in 19 Natural Gas Distributors in the Country
Petrobras released a statement last night (07/28), continuing what was announced on 07/10/2020 and 12/30/2020, informing that it has signed a contract with the company Compass Gás e Energia for the sale of its entire stake (51%) in Gaspetro. The sale amount is R$ 2.03 billion, and it will be paid upon closing, subject to adjustments set out in the contract. See also: Petrobras’ P-70 Platform Reaches Project Capacity with Only Four Wells in the Atapu Field in the Pre-Salt Santos Basin
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Other Details of Petrobras’ Sale of Its Stake in Gaspetro
The investment amount by Compass to purchase Petrobras’ asset is R$ 2.03 billion, to be paid upon closing of the transaction, which is subject to fulfillment of suspensive conditions such as observing the deadline for exercising the right of first refusal by other Gaspetro shareholders and their investees and approval by the competent authorities. Japanese Mitsui holds the remaining 49% stake in Gaspetro.
In the statement, Petrobras emphasizes that the present market disclosure is in accordance with internal regulations of the state-owned company and with the special regime for divestment of assets by federal mixed-economy companies, as provided in Decree 9.188/2017. This operation is aligned with the Term of Commitment to Cessation (TCC) signed with CADE in July 2019, to promote competition in the natural gas sector in Brazil, as well as the strategy for optimizing the portfolio and improving Petrobras’ capital allocation, aiming to generate value.
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About the Sold Asset
Gaspetro is a holding company with equity participation in 19 natural gas distribution companies located across all regions of Brazil. Its distribution networks total approximately 10,000 km, serving over 500,000 customers, with a distributed volume of around 29 million m3/day. Its shareholder structure consists of Petrobras, with 51% of the shares, and Mitsui Gás e Energia do Brasil Ltda., which holds the remaining 49% of the shares.
Compass, on the other hand, is a company that acquired Petrobras’ asset and is part of the Cosan Group, established in 2020 with the aim of operating in the gas and energy segment. Currently, in addition to gas infrastructure projects, marketing and energy generation, Compass controls Comgás, the largest gas distributor in the country with over 19,000 km of installed network and 2.1 million customers, present in 94 municipalities in the State of São Paulo.
See Also: For US$ 105 Million, Petrobras Sells Papa-Terra Field in the Campos Basin to 3R Petroleum
At the beginning of this month of July, Petrobras announced to the market that it had sold its entire stake in the Papa-Terra field, located in the Campos Basin. 3R Petroleum purchased it for US$ 105 million.
According to Petrobras, the sale amount was US$ 105.6 million, with US$ 6 million paid on the current date; US$ 9.6 million at closing of the transaction and US$ 90 million in contingent payments provided for in the contract, related to production levels of the asset located in the Campos Basin and future oil prices.
The sale amounts of Petrobras’ asset do not consider the necessary adjustments, and the closing of the transaction is subject to fulfillment of precedent conditions, such as approval by the ANP – National Agency of Petroleum, Natural Gas and Biofuels.
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