Companhia de Gas da Bahia

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Bahiagas is the natural gas distribution utility of the northeastern state of Bahia. The company is a joint-venture between Enron's subsidiary Gaspart (41.5%), state-owned Petrobras (41.5%) and the state government (17%). Bahiagas was founded in 1994, and inherited its assets from the state-owned Petrobras due to a provision in the constitution that grants the state the monopoly of gas distribution. Petrobras agreed to transfer the assets in exchange for a shareholding in the utility company. Most of Bahiagas clients are from the industrial sector, and the company has a total network of 70 KM in length. However, the company intends to expand its business to supply natural gas to the residential and automotive segments. Petrobras and the State of Bahia stripped Gaspart of its shareholder rights in Bahiagas after Enron bankruptcy. In July 2002, Gaspart filed a declaratory action and was granted a temporary injunction partially reinstating its shareholder rights. As of December 2003, the State of Bahia was continuing the appeal process seeking to quash the injunction. At the end of 2003, State of Bahia was controlling 51% of the voting capital of the company, and Gaspart (Enron) and Gaspetro (Petrobras) had 24.50% of the voting capital each. As of 2005, Enron was in the midst of liquidating its operations and distributing its assets to its creditors. The Brazilian subsidiary of the Japanese giant Mitsui concluded in May 2006 the acquisition of Gaspart from the Enron group, by US$250 million. Although the voting capital was controlled by the state of Bahia, the total common and preferred shareholding was as follows in 2006 and 2007: Estado do Bahia 17%, Gaspetro 41.5% and Mitsui 41.5%. In the end of 2016, a 49% stake of Gaspetro was sold to the Japanese company Mitsui. O plano de investimentos para 2006 prevê investimentos de mais R$ 75 milhões. http://www.bahiagas.com.br/ Investments removed because it was less than 50% private.