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MOSCOW (MRC) -- Brazil-based Petrobras
signed a contract to sell its bottled gas distributor Liquigas Distribuidora to
Copagaz and Nacional Gas Butano, as announced earlier this month, as per Agenciapetrobras.
The
sale price is R$ 3.7 billion, to be adjusted according to contract rules and
paid upon transaction closing. As part of the transaction structuring, a
minority and material equity investment will be made by Itausa in
Copagaz.
The transaction closing is subject to compliance with precedent
conditions, including approval by the Administrative Council for Economic
Defense (CADE).
The operation complies with Petrobras' divestment
guidelines and with the special regime of asset divestment by federal
mixed-capital companies, provided for in Decree 9,188/2017.
This
transaction is in line with the portfolio optimization and the improvement of
the company's capital allocation, aiming at creating value for our
shareholders.
According to MRC's ScanPlast report,
Russia's estimated PE consumption totalled 1,589,580 tonnes in the first nine
months of 2019, up by 7% year on year. Shipments of all PE grades
increased. The estimated PP consumption in the Russian market was 976,790 tonnes
in January-September 2019, up by 4% year on year. Shipments of PP block
copolymer and homopolymer PP increased.
Liquigas is a wholly owned
subsidiary of Petrobras and operates in bottling, distribution and sale of
liquefied petroleum gas (LPG) in Brazil. The company is present in almost all
Brazilian states, and has 23 operating centers, 19 warehouses, a railroad
storage and loading base and a network of about 4,800 authorized resellers, with
a 21.4% market share approximately.
Headquartered in Rio de Janeiro,
Petrobras is an integrated energy firm. Petrobras' activities include
exploration, exploitation and production of oil from reservoir wells, shale and
other rocks as well as refining, processing, trade and transport of oil and oil
products, natural gas and other fluid hydrocarbons, in addition to other
energy-related activities. |
