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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

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Petrobras : to sell 34% stake in Argentinian natural gas firm Mega

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05/09/2019 | 08:58am EDT

Brazilian oil company Petrobras intends to sell its 34% stake in Argentinian natural gas processor Mega.

In a statement, Petrobras said that it has taken up a divestment programme under the leadership of new chief executive Roberto Castello Branco.

Mega owns a gas separation plant in the Loma La Lata Field, which can process up to 40 million cu m/d. It also operates a fractioning plant at the Bahia Blanca petrochemicals complex, which can process five million cu m/d into butane, ethane and propane.

The two plants are linked by a 600km, 12in-diameter pipeline.

Petrobras said: Mega has one of the biggest natural gas-processing installations in Argentina.

It said that the company is essential to Argentinas petrochemicals infrastructure.

The company also has plenty of potential, given Argentinas outlook for increase gas production from the Vaca Muerta shale formation.

It said: Studies to increase the plants capacity and gas-supply pipelines are already underway.

Commencing operations in 2001, the plants have been constructed using the latest technology and efficiency equipment.

Argentinas YPF has a 38% stake, while Dow Chemical retains the remaining 28% share, Petrobras said.

According to Petrobras, companies or investors keen on participating in the sales process should have had at least $200m in net revenue or assets under management in 2018.

Petrobras is updating its $26.9bn divestment programme, announced last year as part of the 2019-2023 investment plan, including an announcement in March that Petrobras will sell a 100% stake in eight refineries totalling a daily capacity of 1.1 million barrels.

The companys 2020-2024 investment plan is expected to be released in the fourth quarter.

The divestment programme is intended to refocus the company on its core area of deep-water exploration and production, particularly in the subsalt frontier offshore Brazil.

(c) 2019 ITP Business Publishing Ltd. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (BRL)
Sales 2019 355 B
EBIT 2019 70 077 M
Net income 2019 29 814 M
Debt 2019 282 B
Yield 2019 2,83%
P/E ratio 2019 11,34
P/E ratio 2020 7,88
EV / Sales 2019 1,84x
EV / Sales 2020 1,53x
Capitalization 372 B
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Number of Analysts 8
Average target price 31,6  BRL
Spread / Average Target 18%
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Managers
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Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
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1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS19.31%92 747
ROYAL DUTCH SHELL9.67%253 149
PETROCHINA COMPANY-2.77%178 973
TOTAL2.10%138 575
GAZPROM PAO (EDR)60.31%85 352
GAZPROM PAO--.--%85 352