Petrobras Sells Remaining Stake in TAG to Engie Brasil, CDPQ
BRASILIA (Reuters) — Brazil's state-owned oil company Petrobras on Monday agreed to sell its remaining 10% stake in natural gas pipeline company TAG to Engie Brasil and Canadian investment fund Caisse de Depot et Placement du Quebec (CDPQ).
The sale is worth 1 billion reais ($187.5 million), Engie said, and follows the $8.6 billion sale last year by Petrobras of the other 90% of TAG to the same group.
In a securities filing, Petrobras said the deal is in line with its "portfolio optimization" strategy, improving its capital allocation, and maximizing value for shareholders.
Engie Brasil, the Brazilian subsidiary of France's Engie SA, said in a statement that the 1 billion reais was paid in full to Petrobras on Monday.
Privatization Secretary Salim Mattar said the deal was further evidence of the state reducing its footprint in key 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 in line with the strategy of optimizing the company's portfolio, and the government's policy of privatization and economic liberalization," Mattar tweeted.
Related News
Related News

- FERC Chairman Details Position on Natural Gas Pipelines
- Perspective: 'Blockadia' Helped Cancel the Keystone XL Pipeline
- NYC Natural Gas Ban Costs Potentially ‘Astronomical’
- Cold Weather Leads to Near-Record Withdrawals from Underground Natural Gas Storage
- 18 Companies Quit Nord Stream 2 Pipeline Project
- Spotlight on South America: New Gas Pipeline to Boost Northern Peru
- Duke Energy Begins Replacing Aging Gas Pipeline
- NYC Natural Gas Ban Costs Potentially ‘Astronomical’
- White House Climate Czar and Big Oil Meet, Talk Cooperation
- After Winter Crisis, Texas Power Grid Assures It Will Meet Record Summer Demand
Comments