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.

Related Articles

IAGC appoints new president

09/19/2014 The board of the International Association of Geophysical Contractors has reported that Ken Wells has been named as the organization’s president.

MARKET WATCH: Crude oil futures down more than $1 in New York, London

09/19/2014 The New York Mercantile Exchange October crude oil contract lost $1.35 to $93.07/bbl on Sept. 18. The November contract declined $1.22 to $91.98/bbl.

ExxonMobil ‘winding down’ Arctic well, complying with US, EU sanctions on Russia

09/19/2014 ExxonMobil Corp. released a statement that the company is complying with all US sanctions on Russia after news reports that the operator had halted...

ExxonMobil, Linn to make second asset exchange this year

09/19/2014 ExxonMobil Corp. has agreed to trade interest in 500 net acres from South Belridge field near Bakersfield, Calif., to Linn Energy LLC, Houston, in ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected