Petrobras to Sell Pipeline Unit for $9 Bln

Friday, April 5, 2019

Brazilian state-run oil company Petroleo Brasileiro SA has agreed to sell its TAG natural gas pipeline unit to a consortium led by France's Engie SA for roughly $9 billion, Bloomberg News reported on Friday, citing a source.

The Engie consortium, which also includes Canada's Caisse de Dépôt e Placement du Québec, beat out two competing consortia, led by Itausa Investimentos Itau SA and EIG Global Energy Partners with Mubadala Investment Co, respectively, Bloomberg said, citing a source with knowledge of the matter.

Petrobras, as the company is widely known, and Engie declined to comment.

Sources told Reuters last month that Petrobras was accepting the final round of bids for its TAG gas pipeline unit on April 2, which was expected to bring in several billion dollars and will likely be the company's largest divestiture in Petrobras' asset sales program.

The oil company had been targeting a sale of a 90 percent stake in TAG, which operates about 2,800 miles (4,500 kilometers) of gas pipelines. 


(Reporting by Gram Slattery and Geert De Clercq Editing by Marguerita Choy)

Categories: Pipelines South America Natural Gas

Related Stories

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

French Oil Major Acquires Interests in Multiple Blocks in Southeast Asia

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

TPAO, SOCAR and BP to Ink Caspian Sea Oil and Gas Production Deal

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

Mitsui’s STATS Lands Malaysian Pipeline Isolation Job

MODEC Gets Shell’s Gato do Mato FPSO Ops and Maintenance Job

Current News

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com