By OGJ editors
HOUSTON, Sept. 14-- Petróleo Brasileiro SA (Petrobras) recently purchased 40% of Companhia de Gás de Minas Gerais (Gasmig) through its Petrobras Gás SA (Gaspetro) subsidiary for 144 million reals.
That acquisition puts Gaspetro in partnership with Companhia Energética de Minas Gerais (Cemig) in Gasmig, a gas distribution concessionaire in the Brazilian state of Minas Gerais.
Petrobras, Gaspetro, Cemig, and Gasmig previously were involved in joint studies to establish a partnership for expanding Brazil's natural gas market. That resulted in the preparation of a master plan and investment program for development and expansion of a pipeline network in Minas Gerais.
Their objective is to increase the volume of gas distributed by Gasmig to 4.5 million cu m/day (MMcmd) by the end of 2006 and 11.1 MMcmd by 2023 from the current volume of 3.5 MMcmd, officials said.
The agreement, subject to approval by the state legislative assembly, is part of Petrobras' strategic plan for developing Brazil's natural gas market. Cemig and Gaspetro are to manage Gasmig jointly.