Petrobras Seeks to Present New Plan for Selling TBG to CADE

Written by Bruno Teles

Published on 12/04/2023 at 15:50

gasoduto Bolívia-Brasil (foto/divulgação)

Seja o primeiro a reagir!

Petrobras, the Brazilian State Oil Company, Must Present a New Schedule for TBG Sale to Cade (Administrative Council for Economic Defense).

The natural gas transporter, which operates the Bolivia-Brazil Pipeline, is one of the assets in the process of disinvestment by Petrobras, which was required to sell them under an agreement signed in 2019 with Cade. The sale of the state’s 51% stake in the transporter was supposed to be completed by December 2021. However, Petrobras was unsuccessful in selling TBG within the original deadline. Now, the company must present a new plan for the sale of TBG to Cade, still subject to the board’s approval.

This process is part of the agreement signed between Petrobras and Cade, which required the state company to sell eight oil refineries and stakes in four natural gas companies. The sale of TBG, along with the 25% stake of the state in TSB (South Brazilian Gas Transporter), is the only part that has not yet been completed.

Suspension of Disinvestment Processes

The Ministry of Mines and Energy has been seeking the suspension of Petrobras’s disinvestment processes, including the sale of TBG. However, the decision depends on the review of the strategic plan for 2023, to be submitted by the new executive board.

ARTICLE CONTINUES BELOW

Agreement with Cade

In 2019, at the beginning of the Bolsonaro administration, Petrobras signed two agreements with Cade, one of which was related to natural gas. This agreement was the result of an administrative inquiry by Cade, which investigated whether the state company was engaging in price discrimination in selling the input to distributors. Petrobras was an indirect shareholder of GásBrasiliano Distribuidora through Gaspetro.

The TCC (Term of Conduct Cessation) determined that Petrobras should sell 10% in NTS (Nova Transportadora do Sudeste), 10% in TAG (Transportadora Associada de Gás), 51% in TBG (Brazilian Transporter Bolivia-Brazil Pipeline), and 51% in Gaspetro.

Petrobras managed to divest all the stakes except for TBG. Now, the company is looking to present a new sales plan to complete the disinvestment.

The disinvestment process of Petrobras, including the sale of TBG, has been the subject of discussions both in the government and among investors. While the state company seeks to comply with the agreement signed with Cade, the Ministry of Mines and Energy tries to suspend the disinvestment processes for a review of the strategic plan.

Petrobras Seeks to Present New Plan for Selling TBG to CADE

Petrobras, the Brazilian State Oil Company, Must Present a New Schedule for TBG Sale to Cade (Administrative Council for Economic Defense).

Suspension of Disinvestment Processes

Agreement with Cade

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Goodbye to stacked pots under the counter: the new kitchen trend is already winning over Brazilian homes with more practical solutions that make daily life easier, create a more functional space, and make the environment more elegant.

Store employees in Paraná go viral, hit targets on social media, receive a comment from Luciano Hang, and secure a trip to Beto Carrero paid for by the boss in October.

Satellite images show China blocking reef with a barrier at sea while the U.S. clashes with Iran.

Justice suspends the purchase of R$ 85.5 million in fire-fighting robots in Paraná, pointing to possible direction without bidding and halts the contract due to risk to public assets.

With a length of 179.8 meters and the capacity to drill 11 km below the seabed, the Chinese ship Meng Xiang will begin its first expedition to reach the Earth’s mantle in 2026.

Petrobras Seeks to Present New Plan for Selling TBG to CADE

Petrobras, the Brazilian State Oil Company, Must Present a New Schedule for TBG Sale to Cade (Administrative Council for Economic Defense).

Suspension of Disinvestment Processes

Agreement with Cade

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

Seen from space, an image taken by an astronaut shows an unlikely oasis in the Saudi Arabian desert, protected by a terrain that slows the advance of sand, surrounded by green circles, remnants of an extinct lake and nearly 10,000 years of preserved history.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

With 7.4 trillion tons of artificial snow pumped in 10 years, an extreme operation could stabilize the West Antarctic ice sheet and prevent a sea level rise of more than 3 meters, but it would require snow cannons, ocean water, and energy on an almost industrial scale at the end of the world.

Peru built a tunnel at an altitude of 4,738 meters cutting through the Andes Mountains, and the road leading to it reaches 4,818 meters, making it the highest paved road in the entire world.

Justice suspends the purchase of R$ 85.5 million in fire-fighting robots in Paraná, pointing to possible direction without bidding and halts the contract due to risk to public assets.

Stored for over 100 years, the first underwater tunnel in Latin America receives a decisive boost with a loan of R$ 2.5 billion signed in April and promises to connect Santos and Guarujá, on the coast of São Paulo, in just 5 minutes.

The TCU discovered that the FAB made over 100 flights with only one person on board in planes designed for 50 passengers, and the waste of public money revealed in the report surprised even the auditors.

War in the Middle East is making Brazil richer: the country has returned to the IMF’s global top 10 thanks to the rise in oil prices, and the projection is to surpass Russia by 2027 and Italy by 2028.

Goodbye to stacked pots under the counter: the new kitchen trend is already winning over Brazilian homes with more practical solutions that make daily life easier, create a more functional space, and make the environment more elegant.

Store employees in Paraná go viral, hit targets on social media, receive a comment from Luciano Hang, and secure a trip to Beto Carrero paid for by the boss in October.

Satellite images show China blocking reef with a barrier at sea while the U.S. clashes with Iran.

Justice suspends the purchase of R$ 85.5 million in fire-fighting robots in Paraná, pointing to possible direction without bidding and halts the contract due to risk to public assets.

With a length of 179.8 meters and the capacity to drill 11 km below the seabed, the Chinese ship Meng Xiang will begin its first expedition to reach the Earth’s mantle in 2026.