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Petrobras signs contract to sell Liquigas

November 28/2019

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.
Author:Anna Larionova
Tags:petroleum products, crude oil, PP, PE, ethylene, propylene, Petrobras.
Category:General News
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