Brazil’s Petrobras has begun the binding phase of its 51% stake sale in gas distribution company Gaspetro, Kallanish Energy reports.
The process starts the divestment of Petrobras’ entire stake in Gaspetro and welcomes qualified parties to submit their binding proposals.
“This transaction is in line with the portfolio optimization and the improvement of Petrobras’ capital allocation, aiming at maximizing value for its shareholders,” the company said in a securities filing late last week.
Gaspetro holds interests in several natural gas distribution companies in Brazil, running a distribution network of over 10,000 kilometers of gas pipelines. Last year, the company distributed 29 million cubic meters of gas per day.
Petrobras didn’t say how much it aims to raise with the sale. The Brazilian state-run oil company plans to divest $15.1 billion in assets by the end of next year
Japan’s Mitsui, which owns 49% of the company, is said to be preparing to submit bids this week, along with firms from China and Spain.
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