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This Project Aims to Improve Petrobras’ Capital Allocation, Consequently Increasing Value Generation
Petrobras, continuing the Relevant Fact of 06/27/2018, announces that it has completed today (03/08/2019), through its subsidiary Petrobras International Braspetro B.V. (PIB BV), the sale of 100% of its equity stake in the companies Petrobras Paraguay Distribución Limited (PPDL UK), Petrobras Paraguay Operaciones y Logística SRL (PPOL) and Petrobras Paraguay Gas SRL (PPG) to the Copetrol Group, through its subsidiary Paraguay Energy.
The transaction was concluded with the payment of US$ 331.5 million made by Paraguay Energy to PIB BV, after the fulfillment of all precedent conditions, in addition to the US$ 49.3 million that had already been paid on the contract signing date, resulting in a cash inflow of US$ 380.8 million.
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The sold companies operate in Paraguay in the distribution and marketing market of fuels, LPG, lubricants, and other special products, through a network of 201 service stations, in addition to a proprietary storage terminal and operations at three airports.
The agreement also provides for the licensing for the use of the brand Petrobras by the company Nextar (successor of Petrobras Paraguay Operaciones y Logística SRL), exclusively, at the service stations in that country, for an initial period of five years.
This project helps to improve the company’s capital allocation, consequently increasing value generation.
