Brazil’s Petrobras kicks off auction process to sell Liquigás

Jun 15, 2016 7:26pm EDT

Brazil’s state-controlled oil company Petróleo Brasileiro SA has kicked off a competitive auction process to sell Liquigás Distribuidora SA, a subsidiary focused on the distribution and sale of liquefied natural gas.

In a securities filing on Wednesday, Petrobras (PETR4.SA) said the process has yet to yield a tentative agreement with an interested party, though there is no timetable for the conclusion of the sale.

Liquigás, which has a 23 percent market share in Brazil’s liquefied natural gas market, has 23 plants, 19 warehouses and a network of 4,800 resale shops across the country.

(Reporting by Guillermo Parra-Bernal; Editing by Alan Crosby)

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