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Petrobras has agreed to sell a 40 percent stake in Gasmig to controller Cia. Energetica de Minas Gerais (Cemig) for $270 million, the Brazilian company said in a statement on Friday.

Cemig currently owns 59.6 percent of Gasmig, the only distributor of piped natural gas in the southeast Brazilian state of Minas Gerais.

“This transaction is part of the Petrobras gas and energy portfolio restructuring process,” the company said..

Petrobras will retain its current long-term contracts to supply natural gas to Gasmig, under the terms of the agreement.