Companhia Potiguar de Gas

concluded

Potigas was a joint-venture of EIT (20.75%), Andrade Gutierrez's subsidiary Gasindustrial (20.75%), Gaspetro, a subsidiary of the state-owned Petrobras (41.5%), and the state of Rio Grande do Norte (17%). Created in 1993, the company has been distributing natural gas since March 1995. Potigas acquired the assets that previously belonged to Petrobras for US$ 4.9 million (the private sponsors paid the equivalent to their participation in the company). Since then, little was invested in infrastructure, but additional investments were expected for 2001. Most of Potigas sales are directed to industrial consumers (90%), and the remaining to commercial users. In December 2003, Gaspetro bought 24.% of the shares of Potigas, increasing it participation in the company to 49%. The shares were bought from EIT and Andrade Gutierrez, which are no longer shareholders of Potigas. The State of Rio Grande do Norte kept 51% shares of the company. None None