Companhia Estadual de Gas do Rio de Janeiro (CEG)

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Companhia Estadual de Gas do Rio de Janeiro (CEG) is a natural gas distribution company that operates in the state of Rio de Janeiro. The company serves over 550,000 residential customers and 1,000 industrial customers with a 2,200km pipeline network. The company's sales represent 22% of Brazil's gas consumption. The company was partially privatized when 56.4% of its equity was sold for US$ 429.8 million to a consortium integrated by Enron (25.38% of CEG), Gas Natural (18.88%), Iberdrola (9.8%), and Pluspetrol (2.25%). CEG and Riogas (gas distribution company) were privatized at the same time. In 2001 Gas Natural acquired Iberdrola's 9.8% share to increase its own share to 28.6%. In November 2003, Gas Natural acquired Enron's 25.39% share and increased its own share to 54.16%. As of 2005, in addition to Gas Natural, other stakeholders were Bndespar (34.56%), Dinamica Energia (8.74%), Pluspetrol (2.26%) and others. In 2007, state-owned bank BNDES approved a US$ 129.6 million (BRL 252.8 million) loan to finance CEG's investment in the 2007-2009 period. The loan represented 66% of the US$ 197.4 million (BRL 384.9 million) that was set to be invested during that period. In 2001, investments undertaken by the company totalized US$ 46.9 million (R$ 104.3 million). In the following year, 2002, the company invested US$ 38.3 million (R$ 111.9 million).