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Petrobras is selling TAG operator for $ 9 billion

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Petrobras is selling TAG operator for $ 9 billion
April 08
09:00 2019

The Brazilian state-owned oil and gas corporation Petrobras has negotiated the sale of TAG. The abbreviation TAG stands for Transportadora Associada de Gas; the subdivision provides services to gas pipelines operating in the country. Engie SA (France) and Caisse (Canada) are going to buy it.

According to the Bloomberg agency, the transaction amount will be $ 9 billion. This will be the largest sale of the Petrobras asset since the existence of the corporation.

The operator serves about 4.5 thousand km of a gas pipeline running through 10 states in Brazil. The transaction is about the sale of 90% of the entire pipeline network.

A source from Bloomberg also said that Engie and Caisse had won the tender for the purchase of TAG.

Last month, the head of the company Petrobras stated that they were going to get rid of $ 27 billion in assets to raise funds to reduce the debt. The proceeds will be spent for the main operations in order to produce offshore oil.

 

The material was prepared with the participation of Katya Gordon,
a leading analyst of the brokerage company CT Trade

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