Mitsui Agrees With Petrobras To Buy 49% Stake In Gaspetro In Brazil

(RTTNews) - Japan's Mitsui & Co., Ltd. (MITSF.PK, MITSY.PK) Monday announced that it has agreed to acquire 49% of Petrobras Gás S.A or Gaspetro shares through Mitsui Gas e Energia do Brasil Ltda for a purchase price of approximately R$1.9 billion or 67 billion Japanese yen.

The company said it entered into a share purchase agreement with Petróleo Brasileiro S.A. or Petrobras (PBR), a Brazilian state-run oil company, on October 23rd, concerning partial acquisition of shares in Gaspetro, which has equity stakes in local gas distribution companies or LDCs in 19 Brazilian states.

Mitsui will acquire the stake after meeting the necessary conditions precedent, including the approval by competent authorities.

In 2006, Mitsui acquired Mitsui Gas, which has equity interests in LDCs in seven states. Mitsui is currently engaged in gas distribution operations in eight Brazilian states.

The acquisition of Gaspetro shares will increase the number of states served by gas companies in which Mitsui Gas has an equity interest to 19, and the amount of gas supplied by those companies to 30 million cubic meters per day within Brazil.