Petrobras announces start of binding phase of Gaspetro sale

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Brazilian state-controlled firm Petroleo Brasileiro (Petrobras) has announced the commencement of the binding phase of the sale of its majority stake in its Gaspetro gas pipeline unit.

Potential qualified parties will receive a process letter with detailed instructions on the sale process, as well as guidelines for due diligence.

Gaspetro is a holding company with equity interests in several natural gas distribution firms in Brazil.

Last year, the total volume of gas distributed from Gaspetro was 29mm³ a day.

Petrobras noted that Gaspetro’s corporate structure is formed by Petrobras, which holds 51% of the shares, and Mitsui Gás e Energia do Brasil, which owns the remaining 49% of the shares.

This potential deal is in line with Petrobras’ portfolio optimisation and improved capital allocation plan to maximise value for its shareholders.

Earlier this month, Petrobras announced plans to consider offshore units installation to liquefy the growing natural gas production from the pre-salt area.

In March this year, Petrobras began the binding phase regarding the sale of its remaining 10% interest in its Transportadora Associada de Gas (TAG) pipeline unit.

In February, the company initiated the binding phase for the sale of refineries in three states of Brazil.

In January last year, Petrobras’ executive board decided to resume the bidding process for the 90% interest in TAG, which also included the sale of the company’s Araucaria fertiliser factory.