Companhia Estadual de Gas (CEG Rio) SA

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Riogas is a gas distribution company that serves the interior of Rio de Janairo state. Riogas started operation in March 1997. The company was created by Companhia Estadual de Gas (CEG) and Petrobras, a state-owned oil company, as a result of CEG's debt negotiation with Petrobras. Riogas serves large industrial customers with average sales of 56 million cf/day or 21% of Brazil's gas consumption. The company was partially privatized when 75% of its equity was sold for US$ 146.25 million to a consortium composed of Enron (37.5% of CEG), Gas Natural (37.5%). The remaining 25% of Riogas was owned by Petrobras. CEG (a gas distribution company) and Riogas were privatized at the same time. Riogas changed its name to CEG Rio in 1999. In November 2003, Gas Natural acquired Enron's 33.7% share and increased its own share, which was 38.25% at the time of the transaction, to 72%. As of 2005, Gas Natural owned 70.46%, Gaspetro 26.19% and Pluspetrol 3.35%. In 2016, Mitsui acquired 49% of Gaspetro's shares, increasing the private ownership of CEG Rio's shares to 86.6%.