Petrobras buying Agip's Brazilian LPG operations

The distribution subsidiary of Petroleo Brasileiro SA (Petrobras) agreed to acquire Agip do Brasil SA from Italian ENI SPA for $450 million. The deal requires approval from Brazilian regulators.

June 29, 2004

By OGJ editors

HOUSTON, June 29 -- The distribution subsidiary of Petroleo Brasileiro SA (Petrobras) agreed to acquire Agip do Brasil SA from Italian ENI SPA for $450 million. The deal requires approval from Brazilian regulators.

Petrobras Distributidora SA (BR) is acquiring Agip do Brazil SA, a company specializing in distributing liquefied petroleum gas, fuel, and lubricants.

The move is part of BR's strategy to increase its LPG distribution market share and also consolidate its presence in the automotive fuel distribution market in certain regions of Brazil, Petrobras said.