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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Petrobras Management Plan

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.

November’s pre-salt bidding rounds in Brazil will feature intense competition from major global operators. Although Petrobras may exercise its right of first refusal, the largest global operators are already devising strategies to acquire blocks in the coveted Búzios field and other assets.

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.

Petrobras Management Plan

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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.

Petrobras Management Plan

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Dissatisfied with seeing people sleeping on the street, a man named Ryan Donais started building small mobile homes so that homeless people can escape the cold, each equipped with a bed, running water, electricity, and heating.

Cambodia has started digging a nearly 180-kilometer canal to connect the Mekong River directly to the sea and reduce its dependence on the ports of neighboring Vietnam.

China has put millions of electric cars on the roads, but now faces the side effect: more than 1 million tons of batteries are expected to go out of use per year by 2030, while the government expands tracking and combats illegal dismantling with environmental risks.

An Indonesian fisherman pulls a mysterious object from the sea and discovers that it is a Chinese underwater monitoring system, part of the so-called Underwater Great Wall that Beijing uses to track submarines and unmanned vehicles in strategic straits of the region.

Physics has been challenged: researchers have discovered something that moves faster than the speed of light, but the phenomenon does not break relativity because it involves dark patterns within optical vortices.

To shorten a crossing that is currently done by sea from five hours to half an hour, the Philippines is building a 32-kilometer bridge over the water connecting the provinces of Bataan and Cavite.

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