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Petrobras sells its entire stake in GNL Gemini to White Martins. The consortium was created to commercialize liquefied natural gas (LNG)
At the same time that BR Distribuidora wants to enter the market and negotiates the purchase of 50% of Golar Power to establish a partnership in the natural gas market, Petrobras announced in a material fact this morning (25/09) that it sold a 40% stake in GásLocal, a company that operates in the transport of LNG by truck, to White Martins.
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In addition, according to the Petrobras report, an agreement was also signed that ends pending corporate, arbitration and matters under judicial discussion regarding the operations of GásLocal and a contract adjusting commercial conditions for the supply of gas by the oil company until the end of 2023, since is part of the Gemini Consortium, which is formed by Petrobras, White Martins and GásLocal. The adjustments made were not detailed.
According to Petrobras, the operation "is in line with the strategy of optimizing the portfolio and improving the allocation of the company's capital". The negotiation still needs to be authorized by Cade (Administrative Council for Economic Defense).
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About Gas Local
Gás Local is a company headquartered in the state of São Paulo that operates in the distribution and transport of liquefied natural gas using cryogenic trucks.
Even though the pre-salt layer has the largest natural gas reserves in the world, Petrobras will double imports of LNG due to lack of infrastructure in Brazil
Pre-salt: Petrobras informed in a material fact that it will expand the operational capacity of the liquefied natural gas regasification terminal in Guanabara Bay, in Rio de Janeiro to 30 million m³ per day.
Although Brazil is reinjecting about 45% of the gas that comes out of the pre-salt layer, the expansion of Petrobras' liquefied natural gas regasification capacity will be to import the fuel, since the LNG from the pre-salt wells has not been economically viable.
When imported LNG arrives via ships, it needs to be regasified.
For Petrobras to be able to use all the natural gas that comes out of the pre-salt layer, which is currently reinjected, more terminals would be needed to transport the fuel to the Brazilian coast. Then connect to a distribution network to the interior of the country, which today does not exist.
