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 Approves TC Energy's 1,377-Mile West Coast Pipeline Expansion
- Kinder Morgan to Buy NextEra’s 462-Mile Texas Pipeline System for $1.8 Billion
- Williams' Gas Pipeline in Idaho Ruptures, Company Challenges Explosion Allegations
- Biden Awards $7 Billion in Hydrogen Hub Money to 16 States
- Mountain Valley Pipeline Sues Protesters Hindering $7.2 Billion Construction Project
Comments