Shell Sells Brazilian Comgas Stake for $380 Million

Shell Gas BV, Shell Brazil Holding BV and Integral Investments BV (Shell) have signed an agreement to sell all of its 16.8 percent interest in Companhia de Gas de Sao Paulo (Comgas) to Cosan Ltd.

Comgas is Brazil’s largest gas distributor with Cosan currently a 63.4 percent shareholder.

The value of the transaction is approximately $380 million. The transaction is expected to be completed by year-end. Shell’s share position in Cosan SA will be managed for value realization over time.

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