Petrobras resumes plan to sell gas company

Petrobras announced the reopening of the sale process of its stake at Petrobras Gás S.A., or Gaspetro. The state-controlled giant currently controls 51 percent of shares at the firm. The remaining 49 percent belongs to Mitsui Gás e Energia do Brasil.

The “analysis and buyer qualification” stage will be extended until May 15, the firm said in a note Monday (May 4).

The move comes as part of the divestment of Petrobras, which aims to improve the company’s capital allocation and increase its value for shareholders.

Gaspetro holds stakes in a number of natural gas distributors throughout Brazil. In 2019, the total volume of gas distributed was a daily 29 million cubic meters, serving approximately 500 thousand clients through a distribution network of over 10 kilometers of pipeline.