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Brazilian energy company Eneva has outlined plans to expand its gas-to-wire operations after a sweeping restructuring process.
In a statement, Eneva said it incorporated Parnaíba Gás Natural (PGN) as a fully owned subsidiary after a 1.16bn-real (US$360mn) capital increase.
As part of the transaction, private equity firm Cambuhy and oil company OGX transferred their PGN shares to Eneva in exchange for a stake in the latter.
"We are uniquely positioned with a reservoir-to-wire model with excellent growth opportunities ahead. We want to be recognized as a world-class integrated energy company in oil and gas and power generation", Eneva CEO José Aurélio Drummond said.
No individual or shareholder group holds a controlling stake in the restructured company, Eneva said.
Founded by fallen Brazilian tycoon Eike Batista, Eneva filed for bankruptcy protection in December 2014 with debts of 2.4bn reais.
The Rio de Janeiro-based company has 2.2GW of installed capacity, comprising around 11% of Brazil's thermopower generation park. It also has natural gas production capacity of 8.4Mm3/d from the Parnaíba basin in the northeastern state of Maranhão.