Japanese group Mitsui has entered into a Share Purchase Agreement with Brazil's national oil and gas company Petróleo Brasileiro (Petrobras) on the acquisition of a 49% stake in Petrobras Gas (Gaspetro), Petrobras' subsidiary in charge of gas distribution in Brazil, for approximately R$1.9bn (US$260m). Petrobras will retain a 51% ownership in Gaspetro.
Gas distribution in Brazil consists of regional monopolies based on concessions granted by states governments. Gaspetro has equity states (from 19.5% to 100%) in local gas distribution companies (LDCs) in 19 Brazilian states, including in eight companies in which Mitsui also owns interests. The transaction will raise the number of Brazilian states served by gas companies in which Mitsui has an equity interest to 19 and the amount of gas supplied by those companies to 30 mcm/d within Brazil.
Meanwhile, Petrobras has announced that adverse market conditions forced the group to postponed the IPO of its fuel distribution unit, BR Distribuidora. The IPO had been announced in early August 2015.
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