Petrobras informed that the operation took place through an agreement between the Uruguayan president, Tabaré Vázquez, and the company's president, Roberto Castello Branco.

This Monday, September 30, the Brazilian state-owned Petrobras issued a statement in which it says it has concluded the return to the Uruguayan government of the concessions of the gas distributor that the company had in Uruguay. The state-owned company decided to anticipate and adhere as of today, 01, the reduction of sulfur in marine fuel to 0,5% to the detriment of the environment.

According to a note issued by the state-owned company, the subsidiary Petrobras Uruguay Sociedad Anónima de Inversiones (Pusai) transferred its shares in the companies Distribuidora de Gas de Montevideo SA (DGM) and Conecta SA to the Uruguayan State.

With that, Petrobras leaves the natural gas distribution segment in Uruguay.

Petrobras informed that the operation took place through an agreement, in accordance with the negotiations carried out between the Uruguayan president, Tabaré Vázquez, and the company's president, Roberto Castello Branco, as announced on July 16.

Petrobras' operations in Uruguay began in 2004, when it signed concession contracts with Conecta, and, in 2006, signed contracts with DGM.

Since then, according to Petrobras, the scenario for the gas distribution sector in Uruguay has changed drastically, caused by changes in the conditions for importing Argentine gas, which has become the only source of supply for the country.

The alterations provoked restrictions to the supply and economic-financial imbalance in the contracts of the distributors in Uruguay.

The problem has worsened since 2008, with the price of importing Argentine gas to Uruguay being multiplied by eight in the period from 2005 to 2015.

The situation worsened when the government abandoned the project to build a regasification plant, which could solve the supply problem, according to Petrobras.

The factory would reduce the uncertainties and risks related to the import of gas from Argentina. According to Petrobras, since the beginning of the concessions, losses amounted to US$ 116 million.

Petrobras reported that, in relation to the international arbitration involving the gas distributor Conecta SA, the state-owned subsidiary's claim against the government of Uruguay was only partially met, insofar as it decided that the Uruguayan State would have to revise the concession contract in its entirety.

Ships collide in São Marcos Bay in São Luís do MA