Petrobras closes sale of 90% stake in Transportadora Associada de Gás to Engie

Brazil’s state-controlled oil company Petroleo Brasileiro SA, Petrobras, has concluded negotiations on the new sale and purchase agreement for the divestment of its 90% stake in natural gas pipeline operator Transportadora Associada de Gás (TAG) to Engie and Canadian pension fund manager Caisse de dépôt et placement de Québec.

TAG  engages in the storage and transportation of natural gas through pipelines, terminals, and vessels in Brazil. 

With this development, Petrobras is now preparing for the second round of bidding for TAG which is expected to be due on the first week of April. One of the rival groups is led by Australia’s Macquarie Bank, with Canada Pension Plan Investment Board and Brazilian investment firms Itausa Investimentos SA and Cambuhy Investimentos Ltda. The third one is led by United Arab Emirates’ Mubadala Investment Co and EIG Global Energy Partners.