Brazilian state-owned oil firm Petroleo Brasileiro SA (Petrobras) has reached an agreement with anti-trust regulator Cade to sell natural gas transportation and distribution assets.
Petrobras said in a regulatory filing it had pledged to sell stakes in pipeline networks, including a 10% stake in Nova Transportadora do Sudeste (NTS) SA, 10% in Transportadora Associada de Gas (TAG) SA and 51% in Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG) SA, Reuters reported.
It would also sell its indirect ownership in distribution companies, possibly by selling its 51% ownership in subsidiary Gaspetro or the stakes themselves.
The deal comes as Brazil’s government seeks to break up the company’s dominance of the sector in a plan that Economy Minister Paulo Guedes has said will deliver cheap energy to the country, Reuters reported.
“The objective of the agreement is to preserve and protect competitive conditions, in light of the opening of the Brazilian natural gas market, to incentivize the entry of new market actors, as well as suspend Cade’s administrative procedures investigating Petrobras’ actions in the sector,” the company said, in its filing.
GloboNews TV channel first reported the deal, saying the sales are expected to be completed by 2021.
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