Petrobras has a 34% stake in Companhia Mega de Argentina, in the business that still has Repsol YPF and Dow Chemical as partners.

Petrobras has started the opportunity disclosure stage regarding the full sale of its 34% stake in Compañia MEGA, through its wholly owned subsidiary Petrobras International Braspetro. The other partners are Repsol YPF, with 38%, and Dow Chemical, with 28%. The beginning of the teaser was released by the oil company this Monday, May 6.

MEGA is an Argentine company that processes natural gas and fractionates its liquids (ethane, propane, butane and natural gasoline).

According to Petrobras, the gas processor Mega has a natural gas processing plant with a capacity of more than 40 million cubic meters per day and a natural gas liquid fractionation unit with a capacity of up to 5 million m³/day.

“This operation is in line with the optimization of the portfolio and the improvement of the company's capital allocation, aiming at generating value for our shareholders”, highlighted Petrobras, adding that the disclosure is in line with the systematic for divestments.

The disclosure is in line with the Petrobras Divestment System. Recalling that the state-owned company presents next Wednesday (08) the financial statement for the first quarter of 2019.

Teaser details are available on the state-owned company's website http://www.petrobras.com.br/ri

 Petrobras also released a teaser for the sale of Liquigás last month

In April, Petrobras released the teaser with details for the sale of Liquigás Distribuidora, including “broader eligibility criteria” for the selection of potential participants and the deadline for expressions of interest, which ended on April 19, as communicated to the Marketplace.

The oil company had already said that it would make adjustments to the teaser and that it would extend the deadline for those interested.

“The adjustments made are aimed at increasing the competitiveness of the process, making it possible for investors from other sectors to participate, and mitigating competition risks and market concentration.”

The study, which plans to limit the participation of the state-owned company to 50% of gas sales in the country, suggests the sale of gas pipelines, assignment of supply contracts to private companies and the creation of the free gas consumer.