The Brazilian oil and gas company Petrobras has started the binding phase for the sale of its entire 51% interest in Petrobras Gás (Gaspetro), a holding company with interests in several gas distribution companies in Brazil and that distributed 29 mcm/d of gas to around 500,000 customers through a distribution network of more than 10,000 km of gas pipelines.
In addition, Petrobras has signed an agreement to sell its 8.40% stake in the company Bambuí Bioenergia to Turdus Participações, which already owns the other 91.60% stake in the company. Bambui is active in the production of ethanol (ethyl alcohol) and in power cogeneration.
These transactions are in line with Petrobras' strategy to optimise its portfolio and to improve its capital allocation, to maximise value for its shareholders. Petobras intends to divest US$26.9bn between 2019 and 2024.