Petrobras Completes Sale of Stake in Gas Transportation Company to Engie Brazil and Canadian Fund CDPQ

Written by Kelly

Published on 21/07/2020 at 08:58

Updated on 21/07/2020 at 08:59

Gasodutos da Transportadora Associada de Gás (TAG)

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Petrobras Concludes Sale Process of 10% Stake in TAG, Associated Gas Transporter S.A., to Engie/CDPQ Group

This Monday (07/20), Petrobras agreed to sell its remaining 10% stake in the gas pipeline company Associated Gas Transporter (TAG) to Engie Brazil and the Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ), according to Reuters.

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According to Engie, the transaction was valued at 1 billion reais (US$ 187.5 million), following the sale of US$ 8.6 billion last year by Petrobras of the other 90% of TAG to the same group.

In a statement, Petrobras informed that the agreement is aligned with its strategy of “portfolio optimization,” improving its capital allocation and maximizing value for shareholders.

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Engie Brazil, the Brazilian subsidiary of the French Engie SA (ENGIE.PA), stated in a press release that the 1 billion reais were fully paid to Petrobras on Monday (07/20).

Privatization Secretary Salim Mattar said that the deal is further proof of the state reducing its presence in important sectors and paving the way for more competition.

“The transaction represents another important milestone for the opening of the natural gas sector in Brazil and is aligned with the strategy to optimize the company’s portfolio and with the government’s policy of privatization and economic liberalization,” tweeted Mattar.

Petrobras Divestment in the Natural Gas Sector

Earlier this month in July, Petrobras initiated the binding phase of the sale process of its remaining 10% stake in the Southeast Transporter (NTS).

The company had started the sale process of the 10% stake in NTS at the end of March. In 2017, the state-owned company sold a 90% stake in the transporter for over 5 billion dollars.

The NTS is a natural gas transporter with pipelines in São Paulo, Minas Gerais, and Rio de Janeiro and connections to a number of facilities, including the Brazil-Bolivia pipeline and TAG, according to Petrobras. The transportation capacity is 158.2 million cubic meters per day.

Petrobras Completes Sale of Stake in Gas Transportation Company to Engie Brazil and Canadian Fund CDPQ

Petrobras Concludes Sale Process of 10% Stake in TAG, Associated Gas Transporter S.A., to Engie/CDPQ Group

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