Brazil’s state-controlled oil corporation, Petróleo Brasileiro SA (Petrobras), has completed its divestment plan for 2015 by selling its 49% stake in the Gaspetro gas distribution unit worth $500m to the Japanese company, Mitsui & Co Ltd, Reuters reported.

The sale was a key part of Petrobras’ $15.1b divestment plan, which is expected to be completed in 2016, as the company is to sell the remaining $14.4b worth of assets.

Mitsui plans further investments in the country in order to expand its presence in natural gas distribution channels across Brazil, according to Platts.

Petrobras is in the midst of a cash crunch after the collapse in oil prices, while facing a debt load of $130b and a multi-billion corruption scandal that may further reduce its operational capacity, Latin American Herald Tribune wrote.