Sept 30, 2019
Petrobras is close to considering its departure from MontevideoGas, the natural gas distributor of the Uruguayan capital. The oil company must complete within two weeks the due diligence of the company’s financial statements and define the value and conditions of the business. The projection is for the sale to be completed within 40 to 60 days.
Responsible for the operation, Petrobras’ Director of Institutional Relations, Roberto Ardenghy, traveled to Uruguay this week. After the negotiations with the Uruguayan government are concluded, the documents will be sent for approval by the Board of Directors of the state company.
The oil company joined MontevideoGas in 2006 and, since the administration of former president Graça Foster, threatens to leave the activity. Petrobras has been asking for an adjustment of the price of the gas, claiming to have losses by selling in Uruguay the fuel purchased in Argentina, which generated losses of U$ 115 million.
Petrobras holds interests in two concessions in the country: MontevideoGas and Conecta, which operates in the interior of Uruguay.
Source: Brasil Energia
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