Shell has confirmed its latest in a string of investments in its bid to shed $30billion of capital projects.
The oil major has sold all of its 16.8% interest in Companhia de Gas de São Paulo (Comgás) in Brazil to Cosan for $380million.
Comgás is Brazil’s largest gas distributor with Cosan currently a 63.4% shareholder.
“This transaction allows us to focus our efforts in Brazil on areas where we see the most strategic value for Shell longer-term,” said Shell’s Integrated Gas and New Energies director, Maarten Wetselaar.
“Brazil is an important country to Shell, and our portfolio of high quality assets and development opportunities positions us well for the future.”
Shell retains diverse operations in Brazil that are not affected by this transaction, including its Deep Water portfolio and Downstream business, which includes participation in Raízen, one of the leading biofuel producers in Brazil.
The firm has already surpassed the $20billion mark of its divestment bid.
Chief executive Ben van Beurden sat down with Energy Voice to explain why the oil downturn had been his greatest blessing. Read why here.
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