Cosan presented a proposal to buy the 51% stake in Gaspetro, a Petrobras subsidiary, which operates in the natural gas distribution market. The offer will be made through Compass, a company created by Cosan to concentrate investments in the gas and power generation market.
Gaspetro holds stakes in 19 gas distributors, which exclusively operate local piped gas distribution services in several states in Brazil, Cosan said. Mitsui is a partner of Petrobras, with 49% of Gaspetro.
Cosan also controls Comgas, the largest distributor in the country that has one of the state concessions in São Paulo.
“Compass Gas & Energia’s operations and investments will create a unique combination of assets and talents, solid cash generation and high growth and value generation potential. Through Comgas, the largest gas distributor in the country, we have more than 18,000 km of network installed and 2.0 million customers in the residential, commercial, industrial, vehicular and other segments ”, informs Compass.
The sale of 51% of Gaspetro is foreseen in the agreement signed in 2019 between Petrobras and Cade, in which the company committed to leave the natural gas distribution market, in addition to the transport segment and other measures to allow the entry of new agents.
Compass foresees infrastructure expansion in SP
In September, Compass withdrew its application for registration of a public offering of shares (IPO) with the CVM “in view of the deterioration in market conditions”.
Compass is developing two projects to increase the supply of natural gas, with a focus initially on São Paulo: Rota 4, to transport national pre-salt production and an LNG terminal in the Port of Santos.
The São Paulo Regasification Terminal, with a regasification capacity of 14 million m³ / day, has an estimated total investment of R $ 670 million. Operation is scheduled to start in 2022.
“We are interested in maintaining a majority stake in the asset and we will finance it partly with equity and partly with third party capital,” says the company.
In Rota 4, the company intends to be a minority partner in the pipeline. The idea is to build a 21 million m³ / day gas pipeline, with a length of 267 km and an investment of approximately US $ 2 billion, starting in 2024, which will start operating in 2027, including a processing unit (UPGN).
“(…) We believe that the project will be remunerated for the flow and processing of natural gas, for a probable tolling model [sale of the transport and processing service], signing contracts with producers, traders or gas distributors”, explains the company .