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Countries were already negotiating the termination of concessions for two gas distributors in Uruguay. The president of Petrobras had already declared that the business was losing money, in addition to being on the company's divestment list.
A meeting between the presidents of Petrobras, Roberto Castello Branco and Uruguay, Tabaré Vázquez, yesterday (16/07), sealed an agreement to put an end to the concessions that the Brazilian state-owned company had in the neighboring country.
The Brazilian oil company operates the MontevideoGas and Conecta distributors and they were created in 1994 and 1999, respectively.
The president of Petrobras even declared that “The scale we have in Uruguay does not interest us”. The state-owned company buys natural gas from Argentina at market price and from Uruguay at a fixed price. “These businesses are losing money.” he completed.
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Petrobras management plan
According to the agreement, until September, Petrobras will return full control of the two companies to the Uruguayan government which also established that the two countries will take the necessary measures to put an end to the pending disputes, without additional claims of any kind, including the guarantee of the Uruguayan government to continue the services.
In a press release, Petrobras also pointed out that: “To implement the agreement, a working group will be formed with representatives of the parties involved, in articulation with the presidents”.
The initiative reinforces Petrobras' planning under the management of the new federal government, which put into practice a rigorous divestment plan, aimed at focus on the company's specialist activities, which is oil exploration and production in deep and ultra-deep waters.
