UPDATE: Petrobras Sells 40% Stake In Natural Gas Distributor To Cemig
09 Février 2012 - 2:50PM
Dow Jones News
Brazilian state-run energy giant Petroleo Brasileiro (PBR,
PETR4.BR), or Petrobras, said late Wednesday that it would sell a
40% stake in Sao Paulo state natural gas distributor Gas Brasiliano
to Companhia Energetica de Minas Gerais (CIG, CMIG4.BR).
Petrobras will retain a 60% stake in Gas Brasiliano, which it
acquired for $250 million from Italy's Eni SpA (E, ENI.MI) in 2010,
through the federal oil company's Gaspetro natural gas subsidiary,
the company said. No value for the deal was disclosed. Petrobras
declined to comment further on the deal because it still needs to
be approved by regulators. Cemig also declined to comment.
"The agreement provides for new investments in [Gas Brasiliano]
and the joining of Cemig in the distributor's capital," Petrobras
said in a statement. The deal is expected to be completed in 2012,
Petrobras said.
The deal will help expand both companies' presence in the key
industrial heartland of Sao Paulo state, a key market to be tapped
to boost natural gas consumption--especially in the industrial
sector. Gas Brasiliano supplies natural gas to industrial,
commercial, residential and transportation companies in 375 cities
and towns in Sao Paulo state. In 2010, Gas Brasiliano recorded
sales volumes of 650,000 cubic meters a day, with a distribution
network of 750 kilometers.
Petrobras plans to build a fertilizer plant in Cemig's territory
in southern Minas Gerais state that will use natural gas as the
main raw ingredient. The oil company has also been ramping up its
gas distribution assets in recent months as it attempts to expand
the use of natural gas in Brazil. The company expects a surge in
natural gas production as recently discovered offshore oil
reserves, which are rich in natural gas, come onstream.
Sao Paulo state regulators approved Petrobras's purchase of Gas
Brasiliano in July, despite the company's position as the sole
supplier of natural gas throughout Latin America's largest country.
The federal oil company holds stakes in all of the state-owned
natural gas distributors, including a 100% stake in Espirito Santo
state distributor BR Petrobras Distribuidora S/A. All but two of
the states are served by a single distributor.
Gas distributors in Brazil also do not directly compete with
each other, instead operating in specific regions on 30-year
concession contracts that can be extended.
Sao Paulo and Rio de Janeiro, the country's two most-populous
states, are served by multiple, publicly held distributors. In
addition to Gas Brasiliano, Sao Paulo is divided between Spanish
gas company Gas Natural SDG SA's (GAS.MC, GASNF) gasNatural Sao
Paulo Sul and Comgas (CGAS5.BR). Spain's Repsol YPF SA (REP.MC,
REPYY) holds a stake in Gas Natural, while Comgas is controlled by
BG Group PLC (BG.LN, BRGYY).
Rio de Janeiro state is divided between CEG and CEG Rio, both
also controlled by Spain's Gas Natural.
-By Jeff Fick, Dow Jones Newswires; 55-21-2586-6085;
jeff.fick@dowjones.com
--Paulo Winterstein in Sao Paulo contributed to this report
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