Petrobras to reduce role in Brazil’s natural gas industry

State-controlled oil company Petrobras said on Tuesday it plans to scale back its role in Brazil’s natural gas industry by selling or sharing control of pipelines and opening its liquefied natural gas (LNG) terminals to third parties.

The move by Petroleo Brasileiro SA, as the company is formally known, is part of a wider move to reduce its role in the transport, storage and distribution of natural gas and other fuels, said Jorge Celestino, the company’s head of refining and natural gas.

Petrobras is in the middle of a plan to sell about $15 billion of assets by the end of this year to reduce its nearly $130 billion of debt, the largest in the oil industry, and focus investments on giant new offshore oil fields south of Rio de Janeiro, some of the world’s largest discoveries in decades.

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