Petrobras in Final Stages of Talks to Sell Gas Distribution Business to Japan's Mitsui

Petrobras on Tuesday said that it is in final stages of negotiations with Mitsui for the sale of 49 percent of the holding company that consolidates the interests of Petrobras in the state natural gas distributors.  

“This operation, carried out through competitive process, is part of the divestitures program provided for in the Business Plan and Management 2015-2019,” the company said in an official note.

Completion of this transaction is subject to approval of its final terms and conditions by the Executive Board and the Board of Directors of Petrobras, as well as the competent regulatory bodies.

The Brazilian state owned firm did not give details about the value of the transaction.

Mitsui already partners Petrobras in eight gas distribution companies in Brazil.