BG sells stake in Brazilian gas distributor

BG Group has completed the sale of its 60.1% interest in Brazilian gas distributor Comgas for $1.7 billion to Cosan SA Industria e Comercio of Brazil.

BG and Shell bought the Sao Paolo gas distribution company, Brazil’s largest, in 1999 for nearly $992.7 billion. Shell and Cosan have a joint venture called Raizen that produces ethanol from sugar cane (OGJ Online, June 2, 2011).

BG called the sale of its Comgas interest part of a strategy to exit its gas transmission and distribution and power businesses.

In October it agreed to sell its controlling interest in India’s Gujarat Gas Co. Ltd. for $470 million and the sale in May of its interests in two Philippines power plants for $360 million.

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