Petrobras makes $271 million investment in Brazil
Date added: 1st August, 2011 at 10:21
(view all articles from August, 2011)
Categories: Natural Resources
Publicly owned energy company Petrobras has made a $271 million (£164.86 million) investment in Brazil's natural gas sector.
The firm used the money to buy out Gas Brasiliano Distribuidora (GBD), which has an exclusive concession to the distribution of the fuel in the north-west state of Sao Paulo and was previously controlled by Italian company ENI International.
Petrobras will now have access to the largest natural gas market in the country, taking on around 755 km of infrastructure to serve the commercial, residential, transportation and industrial needs of 375 municipalities.
The acquisition also places the company near the gas reserves discovered in south-east Brazil as well as the Bolivian supply of the resource.
In 2010, GDB delivered around 650,000 cubic metres of gas per day and a further investment of 106.2 million reais (£41.74 million) by 2014 is expected to see the firm's distribution network expand.
It has been forecast that Brazil's energy market could be one of the largest in the world in the coming years due to the abundance of natural resources including oil in the country, while the nation is already a major player in the ethanol production sector.
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