This excerpt taken from the PBR 20-F filed May 22, 2009.
Equity Participation in Distribution Companies
Under Brazilian law, each state holds a monopoly over local gas distribution. Most states have formed companies to act as local gas distributors and we hold interests that vary from 24% to 100% in 20 of these 27 distribution companies. Nonetheless, in all of the companies where we hold a minority stake, we appoint executive officers and members of the board of
directors. The State of Espírito Santo has assigned us exclusive rights to distribute natural gas through our BR subsidiary. In 2008, Brazils distribution
companies sold a combined 50 mmm3/d (1,732 mmcf/d) of natural gas, of which our share was 22%, according to our estimates.
The map below shows the name and location of each local gas distributor in which we have an equity interest and our share in those companies.
Our most significant distribution holdings are:
According to our estimates, our two most significant holdings, CEG Rio and Bahiagás, sold 18.3% and 7.1% of Brazils national gas volumes in 2008, respectively. CEG Rio and Bahiagás are Brazils second and fourth largest gas distributors. These companies, together with independent distributors Comgás (28.3% of Brazils 2008 national gas volumes) and CEG (17.3% of the same), supply 71% of the Brazilian market.