Petrobras studies IPO to sell control of Gaspetro in 2020

December 11, 2019

Petrobras President Roberto Castello Branco said Wednesday that the company wants to make an initial IPO  of Gaspetro in the second half of 2020. The oil company has a commitment to Cade to leave the natural gas distribution segment.

According to Castello Branco, however, there is resistance from Mitsui to be the partner with the largest stake in Gaspetro, which would occur with the sale of Petrobras’s position in the stock market. “A cultural issue,” said the executive.

Gaspetro is the subsidiary that holds interests in 20 regional natural gas distributors. In the past, Petrobras sold 49% of the company to Mitsui, which is also a direct partner in distributors.

Mitsui Gas’s new CEO in Brazil, Taira Nozaki, recently visited the distributors. “The natural gas market is growing a lot in the country, and it is our main business. We want to expand these investments in the Northeast, in line with our strategy and that of our partners, ”he said at a meeting with executives from PBGás, from Paraíba.

Together with Petrobras, Mitsui is in 18 of the 24 states that have gas distributors and in the Federal District, through Cebgás. In most cases, companies have state government participation, which generally have minority stakes in the voting capital of companies.

This group of companies with Petrobras participation demanded an average of 30 million m³ / day of natural gas in 2018. It represented 47% of the gas handled by distributors in the year.

Source: epbr

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