Petróleo Brasileiro SA - Petrobras subsidiary Petrobras Uruguay Sociedad Anónima de Inversiones SA completed the return of shares it held in Distribuidora de Gás Montevideo SA and Conecta SA to the Uruguayan government.
The Petrobras unit and the Uruguayan government concluded the devolution of the concessions with the share transfer, Petrobras said in a Sept. 30 news release.
The closing occured on schedule following the agreement entered July 16, in which the parties also agreed to end litigation over the concessions.
With the completion, Uruguay now holds a 100% stake in both Distribuidora de Gás Montevideo SA and natural gas and liquefied petroleum gas distributor Conecta.
Prior to the deal, Petrobras held a 100% stake in Distribuidora de Gás Montevideo SA and a 55% interest in Conecta. Uruguay's state oil firm Administracion Nacional de Combustibles Alcohol y Portland held the other 45% stake in Conecta before the transaction.
