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Petrobras Sells Its Entire Stake in GNL Gemini to White Martins. The Consortium Was Created to Trade 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 form a partnership in the natural gas market, Petrobras announced in a relevant fact this morning (09/25) that it sold its 40% stake in GásLocal, a company that operates in the transportation of LNG by truck, to White Martins.
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Additionally, according to Petrobras’s report, an agreement was also signed that settles corporate, arbitration, and legal issues regarding GásLocal’s operations and a contract adjusting commercial conditions for gas supply by the oil company until the end of 2023 as it is part of the Gemini Consortium, which is made up of Petrobras, White Martins, and GásLocal. The adjustments made were not detailed.
According to Petrobras, the operation “is aligned with the strategy of optimizing the portfolio and improving the company’s capital allocation”. The transaction still needs to be approved by CADE (Administrative Council for Economic Defense).
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About Gás Local
Gás Local is a company based in the state of São Paulo that operates in the distribution and transportation of liquefied natural gas through cryogenic trucks.
Even with Pre-Salt Having the Largest Natural Gas Reserves in the World, Petrobras Will Double LNG Imports Due to Lack of Infrastructure in Brazil
Pre-Salt: Petrobras informed in a relevant fact that it will expand the operational capacity of the liquefied natural gas regasification terminal in Guanabara Bay, Rio de Janeiro to 30 million m³ per day.
Although Brazil is reinjecting about 45% of the gas coming from the pre-salt, the expansion of Petrobras’s liquefied natural gas regasification capacity will be to import the fuel, as the LNG from pre-salt wells has not been economically viable.
When the imported LNG arrives by ship, it needs to be regasified.
For Petrobras to utilize all the natural gas coming from the pre-salt, which is currently being reinjected, more terminals would be needed to transport the fuel to the Brazilian coast. Then, it would connect to a distribution network to the interior of the country, which currently does not exist.
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