Shell Divests its Interest in Comgás for a Headline of US$380 Million

Shell Gas BV, Shell Brazil Holding BV and Integral Investments BV today announces they have signed an agreement with Cosan Ltd. to execute an existing Put Option Agreement, which allows Shell to sell all of its 16.8% interest in Companhia de Gas de São Paulo to Cosan Ltd. Under the agreement, Shell will exchange its ~21.8 million common shares in Comgás for Cosan S.A. Indústria e Comércio shares plus cash.

The headline for the transaction is approximately US$380 million. The transaction is expected to be completed by year-end, subject to customary closing conditions, regulatory approvals and certain consents. Shell's share position in Cosan SA will be managed for value realization over time.

Comgás is Brazil's largest gas distributor with Cosan currently a 63.4% shareholder.

“This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term,” said Shell's Integrated Gas and New Energies Director, Maarten Wetselaar. “Brazil is an important country to Shell, and our portfolio of high quality assets and development opportunities positions us well for the future.”

Shell retains diverse operations in Brazil that are not affected by this transaction, including its Deep Water portfolio and Downstream business, which includes participation in Raízen, one of the leading biofuel producers in Brazil.

  • Comgás is a gas distribution company in the São Paulo state of Brazil, primarily serving power, commercial, industrial and residential users. The Company is the largest piped natural gas distribution company in Brazil, with over 14,000 km of pipeline and over 1.7 million customers in 87 municipalities.
  • Other shareholders include Cosan SA with a 63.4% interest and public investors.

Visit source site

ShellRoyal Dutch ShellShell BrazilComgasDivestment

More items from oilvoice

Tullow Oil: Pricing of $800m Senior Notes

16 March 2018 - Tullow Oil plc (“Tullow” or the “Company”) is pleased to announce that it has priced its offering of $800 million aggregate principal amount of 7% senior notes due 2025 at par (the “Notes”). The size of the offering has been increased from $650 million, indicated at launch on 12 Ma ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Tullow OilSenior Notes

Swire Oilfield Services Develops Norwegian Operations with New Base

Swire Oilfield Services, a global leading provider of Offshore Containers and oilfield services, has today developed its Norwegian operations with the opening of a new base facility in Mongstad. Swire Oilfield Services have invested over half a million pounds in the new facility which is approved ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Swire Oilfield ServicesNorwayMongstad +3

Government Policy Crucial For Future of Upstream Sector in Southeast Asia, Says GlobalData

As the upstream sector recovers from the 2014 oil price crash and resulting budget cuts, a number of Southeast Asian governments are adapting policies in the sector in the hope of capturing a share of new investment, according to GlobalData , a leading data and analytics company. The most signifi ...

OilVoice Press - OilVoice

Posted 1 day agoPress > GlobalDataupstreamSoutheast Asia +3

Elk Petroleum Half-Year FY2018 Results & Guidance

Half-Year headlines Aneth acquisition delivers dramatic growth in reserves, production, cash flow & shareholder value 44% increase in share price to A$0.095 (15 March 2018) – up from A$0.066 (30 June 2017) 1P Reserves1 = 47.5 mmboe – up 35.0 mmbbls (380% increase) since 30 June 2017 ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Elk PetroleumReportReserves +2

Range Resources Half -Yearly Report

Range today releases its half-yearly report (unaudited) for the 6 months ending 31 December 2017.    Yan Liu, Range's Chief Executive Officer, commented: “We are extremely encouraged by the progress in both operational and financial performance demonstrated in the interim results. We conti ...

OilVoice Press - OilVoice

Posted 1 day agoPress > Range ResourcesReportTrinidad +2
All posts from oilvoice