Petrobras sells stakes in gas transporter

Petrobras on Thursday (Jun 13) closed the sale of 90 percent of its stakes in Transportadora Associada de Gás S.A. (TAG) to French group Engie and Canadian fund Caisse de Dépôt et Placement du Québec (CDPQ). The conclusion of the deal was done with a total of $8.71 billion paid to Petrobras—appoximately $520 million directed at clearing TAG’s debt with Brazil’s Development Bank BNDES.

In a statement by Petrobras, the state-controlled oil giant says it “will continue to use the TAG’s natural gas transport services through already effective contracts between the two firms, with no impact on its operations and on the delivery of natural gas to its clients.”

The text also notes that “the operation is in line with the optimization of the portfolio and the improvement of the company’s capital assignment, and aims to generate value for shareholders.”