May 2019, Vol. 246, No. 5

Global News

Petrobras Sells Pipeline Unit to Engie for $8.6 Billion

A consortium led by France’s Engie SA submitted the highest offer for a major gas pipeline unit owned by Brazil’s Petroleo Brasileiro SA, the state-run oil firm said in April, as the company’s biggest divestment draws to a close. In a filing, Petrobras said the Engie consortium, which includes Canada’s Caisse de Dépôt e Placement du Québec, presented an $8.6 billion bid for 90% of the TAG gas pipeline unit in northern and northeastern Brazil. The divestment represents a victory for the current Petrobras leadership and Chief Executive Roberto Castello Branco, who is pushing to aggressively unload assets in a bid to cut debt and refocus on exploration and production. The sale process began i

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