Petrobras Signs Contract to Sell Stake in Gaspetro to Compass for R$ 2.03 Billion

Written by Roberta Souza

Published on 29/07/2021 at 16:07

Petrobras/ Fonte: Riconnect

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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

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.

Petrobras Signs Contract to Sell Stake in Gaspetro to Compass for R$ 2.03 Billion

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

Other Details of Petrobras’ Sale of Its Stake in Gaspetro

About the Sold Asset

See Also: For US$ 105 Million, Petrobras Sells Papa-Terra Field in the Campos Basin to 3R Petroleum

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Petrobras Signs Contract to Sell Stake in Gaspetro to Compass for R$ 2.03 Billion

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

Other Details of Petrobras’ Sale of Its Stake in Gaspetro

About the Sold Asset

See Also: For US$ 105 Million, Petrobras Sells Papa-Terra Field in the Campos Basin to 3R Petroleum

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While the U.S. still faces limitations in deep space, China is developing unprecedented technology with strategic satellites that maintain communication with the far side of the Moon and aims for dominance by 2030.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

The Blood Falls of Antarctica hide a living ecosystem trapped under the ice for over 2 million years, where microbes survive without light, without oxygen, and without ever having seen the Sun.

In the Saudi Arabian desert, the world’s largest green hydrogen plant is 80% complete and will use 4 gigawatts of solar and wind energy to produce 600 tons of clean fuel per day when it opens in 2027.

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