Comgas SP (IFC-37656)

Countries
  • Brazil
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 17, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
COMPANHIA DE GAS DE SAO PAULO
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 150.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 22, 2017

Disclosed by Bank Jun 14, 2016


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Project Description
The proposed investment is for a up to $150 million (or up to BRL 500 million equivalent) in a BRL-linked A loan to support Comgas' 2016-18 capital expenditure program, adding approximately 100,000 new customers and 1,000 km of distribution network per year.
Investment Description
  • International Finance Corporation (IFC)
Comgas is the largest natural gas distribution company in Brazil, with a network of 13,000 km of pipelines covering 177 cities in 80 municipalities in the State of Sao Paulo. The Comgas concession area accounts for approximately 26% of the Brazilian gross domestic product and more than 35% of the energy consumed in Brazil. Comgas serves the following clients: over 1,500,000 residential, 14,879 commercial, 1,100 industrial, 28 cogeneration plants, two thermoelectric plants and 276 gas stations. Comgas’ predecessor companies date to 1872, with its present operations beginning with its privatization in April 1999, when Comgas was acquired by a consortium that consisted primarily of British Gas (BG) and Royal Dutch Shell (Shell). In 2012, Cosan, a Brazilian conglomerate, acquired 60.5% of the company. Despite the acquisition by Cosan, Comgas maintains its name, structure and operational procedures that were implemented by BG. Comgas currently operates under a 30-year concession through 2029, which is extendable by another 20 years.
Contact Information
ACCOUNTABILITY MECHANISM OF IFC/MIGA The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/