The divestiture is expected to be the largest in Petrobras’ asset sales program
RIO DE JANEIRO/PARIS — Brazilian state-run oil company Petroleo Brasileiro SA has agreed to sell its TAG natural gas pipeline unit to a consortium led by France’s Engie SA for roughly US$9 billion, Bloomberg News reported on Friday, citing a source.
The Engie consortium, which also includes Canada’s Caisse de Dépôt e Placement du Québec, beat out two competing consortia, led by Itausa Investimentos Itau SA and EIG Global Energy Partners with Mubadala Investment Co, respectively, Bloomberg said, citing a source with knowledge of the matter.
The oil company had been targeting a sale of a 90 per cent stake in TAG, which operates about 2,800 miles of gas pipelines.
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