Petrobras closes sale of Gaspetro to Cosan for R$2 billion

Petrobras announced on Wednesday (28) that it has signed a contract with Compass Gás e Energia, one of the companies of the Cosan Group, to sell its 51% stake in Gaspetro. The deal is worth R$2.03 billion and will be paid at closing.

Gaspetro owns stakes in 19 gas distribution companies, which exclusively explore domestic pipeline gas distribution services in several states in Brazil.

Mitsui is a partner in Petrobras, with 49% of Gaspitro. In November, Valor Econômico reported that the Japanese company was considering selling its 49% stake in subsidiary Petrobras.

“Close of the transaction is subject to the fulfillment of the foregoing conditions, such as approval by the Administrative Council for Defense Economics (CADE). In addition, up to the closing date, Petrobras will comply with the provisions in the shareholders’ agreements of the Gaspetro and natural gas distributors, including with respect to protective rights, as applicable.” , the company informed in a fundamental fact.

Cosan also controls Comgás, the country’s largest distributor that has one of the state’s franchises in São Paulo.

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Compass advances infrastructure expansion in SP

Compass is developing two projects to augment natural gas supplies, initially focused on São Paulo: Route 4, to transport domestic production from the pre-salt layer and the LNG terminal at the Port of Santos.

Gas-to-gas regasification plant in São Paulo, with a gas-to-gas regasification capacity of 14 million m3/day, with a total investment of R$670 million. Operation is scheduled to start in 2022.

In Rota 4, the company intends to be a minority partner in the pipeline. The idea is to build a gas pipeline of 21 million m3/day, with a length of 267 km and an approximate investment of $2 billion, starting in 2024, with commissioning in 2027, including a processing unit (UPGN).

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