Brazil's Petrobras Launches Sale of Gas Distribution Arm
Brazil's national oil company Petrobras announced on February 27 it had launched the sales process for its 51% stake in gas distribution holding Gaspetro.
Gaspetro has interests in several gas distribution companies operating 10,000 km of pipeline. It distributed 29mn m3/day of gas last year to around 500,000 customers.
The remaining 49% of the company is held by Mitsui Gas e Energia do Brasil, a local arm of Japan's Mitsui.
Petrobras said the sale would help optimise its portfolio and improve capital allocation, in order to maximise value for its shareholders. The company said in a separate statement it had also initiated the process for divesting its shares in the Merluza and Lagosta oilfields in the offshore Santos basin.
The next stages in the assets' divestment will be announced in due course, Petrobras said.