Petrobras Will Return Two Gas Distribution Companies to the Uruguayan Government

Written by Renato Oliveira

Published on 17/07/2019 at 15:11

Petrobras e governo uruguaio

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Countries Were Already Negotiating the Termination of Concessions of Two Gas Distributors in Uruguay. Petrobras President Had Already Stated That the Deal Was Unprofitable, in Addition to Being on the Company’s Divestment List.

A meeting between Petrobras President, Roberto Castello Branco, and Uruguay’s President, Tabaré Vázquez, yesterday (07/16), finalized an agreement to end the concessions that the Brazilian state-owned enterprise had in the neighboring country.
The Brazilian oil company operates the distributors MontevideoGas and Conecta, established in 1994 and 1999, respectively.

The Petrobras president even stated that “The scale we have in Uruguay does not interest us.” The state-owned company buys natural gas from Argentina at market prices and in Uruguay at regulated prices. “These deals are unprofitable,” he added.

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Under the agreement, by September, Petrobras will return full control of the two companies to the Uruguayan government, which also established that both countries will take the necessary measures to end the pending litigations, with no additional claims of any kind, including a guarantee from the Uruguayan government to continue services.

In a statement to the press, Petrobras also emphasized that: “To operationalize the agreement, a working group will be formed with representatives from the parties involved, in coordination with the presidents”.

The initiative reinforces Petrobras’s planning under the management of the new federal government, which has implemented a rigorous divestment plan, aiming to focus on the company’s specialized activities, which are deep and ultra-deep oil exploration and production.

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Petrobras Will Return Two Gas Distribution Companies to the Uruguayan Government

Countries Were Already Negotiating the Termination of Concessions of Two Gas Distributors in Uruguay. Petrobras President Had Already Stated That the Deal Was Unprofitable, in Addition to Being on the Company’s Divestment List.

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Petrobras Will Return Two Gas Distribution Companies to the Uruguayan Government

Countries Were Already Negotiating the Termination of Concessions of Two Gas Distributors in Uruguay. Petrobras President Had Already Stated That the Deal Was Unprofitable, in Addition to Being on the Company’s Divestment List.

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

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