July 18, 2014 / 10:58 PM / 3 years ago

Brazil's Cemig to pay 600 mln reais for Petrobras stake in Gasmig

SAO PAULO, July 18 (Reuters) - Brazil’s state-controlled oil company Petróleo Brasileiro SA agreed to sell a stake in a Brazilian natural gas distributor to power holding company Cia Energética de Minas Gerais SA for 600 million reais ($269 million).

In a securities filing on Friday, Petrobras, as the oil producer is known, said the sale of the 40 percent stake it owned of Cia de Gás de Minas Gerais SA will have no impact on natural gas supply contracts between both companies. The sale is part of a Petrobras’ plan to shed non-core assets.

The deal is subject to regulatory approval, the filing said.

Gasmig, as the gas distributor is known, transports about 4.1 million cubic meters of natural gas a day in the state of Minas Gerais through a 850 kilometer-long network of integrated pipelines, the filing added. (Reporting by Guillermo Parra-Bernal; Editing by Chris Reese)

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