Petrobras Signs Contract for the Sale of Gaspetro

Source: www.gulfoilandgas.com 7/28/2021, Location: South America

Petrobras, following up on the releases disclosed on 07/10/2020 and 12/30/2020, informs that it has signed a contract with the company Compass Gás e Energia S.A. (Compass) for the sale of all its stake (51%) in Petrobras Gás S.A. (Gaspetro).
The sale value is R$ 2.03 billion, to be paid at closing, subject to the adjustments provided for in the contract.

The closing of the transaction is subject to compliance with precedent conditions, such as the approval by the Administrative Council for Economic Defense (CADE). In addition, until the closing Petrobras will observe the provisions contained in the shareholders' agreements of Gaspetro and the natural gas distributors, including the right of preference, as applicable.

This disclosure to the market is in accordance with Petrobras' internal rules and with the special regime for divestment of assets by federal mixed economy companies, provided for in Decree 9,188/2017.

This transaction is aligned with the Term of Cessation Commitment (TCC) signed with CADE, in July 2019, to promote competition in the natural gas sector in Brazil, as well as with the strategy to optimize the portfolio and improve the allocation of the company's capital, aiming to generate value.

About Gaspetro
Gaspetro is a holding company with equity participation in 19 natural gas distribution companies, located in all regions of Brazil. Its distribution networks total approximately 10 thousand km, serving more than 500 thousand customers, with a distributed volume of about 29 million m3/day.

Its shareholders are Petrobras, with 51% of the shares, and Mitsui Gás e Energia do Brasil Ltda., which holds the remaining 49% of the shares.

About Compass
Compass is a Cosan Group company, created in 2020, with the objective of operating in the gas and energy segment. Currently, in addition to gas infrastructure projects, marketing and power generation, Compass is the parent company of Comgás, the country's largest gas distributor with more than 19 thousand km of installed network and 2.1 million customers, present in 94 municipalities in the state of São Paulo.

The Cosan Group, in turn, in addition to the gas and energy segment, is active in the production of sugar, ethanol, bioenergy, distribution and marketing of fuels, through Raízen (joint venture between Cosan and Shell), in the lubricants segment, through Moove, and in logistics, through Rumo.


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