Petrobras sells remaining 10% stake in TAG to Engie Brasil, CDPQ

Must Read

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale...

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s,...

Bharrat outlines more measures for managing Guyana oil resources

Guyana’s Minister of Natural Resources, Vickram Bharrat, has outlined a number of new policy directions for the...
OilNOW
OilNow is an online-based Information and Resource Centre which serves to complement the work of all stakeholders in the oil and gas sector in Guyana.

(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.

- Advertisement -

Latest News

Guyana’s history with oil dates back centuries

The possibility of Guyana having petroleum stemmed from observations of petroliferous occurrences recorded by Dutch explorers since the 1750s,...

Liza 1 & 2 ‘will provide low cost energy for years to come’ – Hess CEO

Even as governments and international oil companies pursue efforts to reduce carbon emissions on a global scale in the move towards renewable...

Bharrat outlines more measures for managing Guyana oil resources

Guyana’s Minister of Natural Resources, Vickram Bharrat, has outlined a number of new policy directions for the extractive sectors including oil and...

Outlook for global energy with new suppliers such as Guyana

Demand is weaker, but it is getting better. There are challenges for both demand and supply sides for all oil-producing economies. The...

Oil workers flee as third storm in month aims for U.S. offshore fields

(Reuters) - Royal Dutch Shell halted some oil production and began evacuating workers from a U.S. Gulf of Mexico platform, the company...

More Articles Like This