Petrobras finalizes the sale of 51% of Gaspetro to Compass and continues to be criticized in the natural gas market

Despite all the criticism regarding the possible market concentration in the Brazilian natural gas sector, Petrobras has just finalized the sale of a 51% stake in Gaspetro to the Compass company.

The state-owned oil company Petrobras disposed of another one of its assets in national territory and announced the sale of 51% of Gaspetro to Compass last Monday (11/07). The transaction involved a total value of approximately R$ 2,097 billion and, although it is quite beneficial for the state-owned company's divestment project in Brazil, it could mean a major impact on market concentration in the gas natural.

Sale of 51% of Gaspetro is finalized by Petrobras and participation in the natural gas distributor belongs to Compass after transaction with the state-owned company

Petrobras continues to unite its efforts to grant assets in the disinvestment project in the national territory and disposed of yet another stake, this time in the natural gas distributor Gaspetro. The company sold a 51% stake in the company to Compass this Monday, for a total amount of R$ 2,097, which was fully disbursed by the company in the transaction. 

Gaspetro is a holding company that currently has equity interests in 18 natural gas distribution companies, spread throughout Brazil, and guarantees a high presence in the fuel sector in Brazil. This is because the distributor currently has more than 10 km of the company's distribution networks that serve more than 500 customers, with a distributed volume of around 29 million m³/day. 

After the announcement of the sale of Gaspetro's stake to Compass, Petrobras highlighted that the entire transaction operation is in line with the Term of Cessation Commitment (TCC) signed with the Administrative Council for Economic Defense (Cade), during the year 2019. 

And, among the main justifications for the sale of the stake, the state-owned company highlighted the promotion of competitiveness in the fuel sector in Brazil, in addition to seeking a new portfolio management strategy for the distributor in the country, in order to guarantee a more efficient capital allocation. efficient. 

State continues to be criticized for the sale of Gaspetro to Compass and the natural gas sector predicts a possible concentration of the market in Brazil 

Although it is quite beneficial for Petrobras' own management and for its project to disinvest in Brazilian assets, the sale of Gaspetro to Compass continues to be criticized in the oil and natural gas sector. This is because, last month, the Association of Independent Oil and Gas Producers (ABPIP) asked the Administrative Council for Economic Defense (Cade) to bar the sale of the company. 

Among the main justifications for the transfer of the transaction process pointed out by ABPIP was the directing of demand from gas distributors to its commercialization side, closing off an important portion of this market to producers. Thus, the natural gas market in Brazil would become even more closed and concentrated in the hands of a few companies. 

A possible oligopsony scenario could also happen in the country, that is, a situation in which only a small number of companies start buying a certain product from a single merchant. The National Petroleum Agency (ANP) had also warned of a concentration of the fuel market in the hands of Compass, but there were no actions taken to prevent the sale process. 

Now, Compass has a 51% stake in Gaspetro and, as a result, Petrobras and the other companies in the oil and natural gas sector await the future consequences of the transaction, both for the benefit of the domestic market and for the development of possible problems.

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