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Japanese company acquires part of Petrobras gas distribution unit

Tuesday, October 27th 2015 - 07:43 UTC
Full article 10 comments
Through Mitsui Gas, Mitsui is set to acquire 49% of shares in Gaspetro which has equity stakes in local gas distribution companies in 19 Brazilian states. Through Mitsui Gas, Mitsui is set to acquire 49% of shares in Gaspetro which has equity stakes in local gas distribution companies in 19 Brazilian states.

Japan-based Mitsui has signed an agreement with Petrobras for partial acquisition of shares in the latter's natural gas distribution unit Petrobras Gás (Gaspetro) for about R$1.9bn ($489m).

 Through Mitsui Gas, Mitsui is set to acquire 49% of shares in Gaspetro which has equity stakes in local gas distribution companies (LDCs) in 19 Brazilian states.

Mitsui Gas with equity interests in LDCs in seven states was acquired by Mitsui in 2006 and since then the companies worked to improve the gas distribution infrastructure in Brazil.

According to the company, the acquisition of Gaspetro shares will increase the number of states served by gas companies in which Mitsui Gas has an equity interest to 19.

The gas distribution business in the country comprises regional monopolies based on the concessions that are granted by state governments.

Distribution companies develop the gas distribution infrastructure in their service areas in each state including gas pipeline networks, as part of concession agreements signed with the governments.

Gas purchased from Petrobras would be supplied by the companies to power stations and general industrial and commercial users, as well as residential consumers. Gaspetro's portfolio covers several regions, including central, northeastern, and southern Brazil.

Mitsui acquired an equity interest in Companhia in December 2014 and is currently engaged in gas distribution operations in eight Brazilian states.

Top Comments

Disclaimer & comment rules
  • ChrisR

    This presents a real dilemma to Petrobras!

    WHO do they pay the money to and what percentage does Petrobras retain for itself? The Chief Crook Lula will want the lion's share and DumbAss Dilma will need it to retire on, hopefully sooner rather than later.

    LOL

    Oct 27th, 2015 - 11:22 am 0
  • Terence Hill

    1 ChrisR
    Oops! Foot in your mouth again as you trip on that substantial chunk of bias your attached too. So just to bring you up to speed on present developments.
    “Brazilian President Dilma Rousseff and her predecessor Luiz Inacio Lula da Silva have been exonerated of all responsibility in the Petrobras scandal in a report released this Monday by the parliamentary commission in charge of the investigation.”
    www.telesurtv.net/english/news/Brazilian-President-Rousseff-Exonerated-in-Petrobras-Scandal-20151019-0036.html

    Oct 27th, 2015 - 08:31 pm 0
  • ilsen

    TeleSur ?????????????????

    lol!!!!!!!!

    Oct 28th, 2015 - 04:44 am 0
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