Petrobras Sells Stake in Gas Distribution Unit to Mitsui

Petrobras on Friday approved sale of 49 percent stake in its domestic gas distribution business to Mitsui.

The total amount of the transaction is R$ 1.9 billion ($490 million), which represents the value in the transaction closure date, scheduled for December 2015, the Brazilian company said.

Mitsui Gás e Energia do Brasil is a wholly-owned subsidiary of Mitsui & Co., Ltd. (Japan) and has equity interests in eight Brazilian state-owned natural gas distributors.

This transaction, Petrobras stated, is part of the divestment program envisaged in the 2015-2019 Business and Management Program.

The conclusion of the transaction is subject to the conditions precedent, including approval by the competent authorities.