Petrobras Closes the Sale of TAG

Source Press Release
Company Petrobras (IFRS US$ Current)Caisse de dépôt et placement du QuébecENGIE 
Tags Corporate Deals, Deals, LNG & Gas Storage/Processing, Pipelines/ tankers/ distribution
Date June 13, 2019

Petróleo Brasileiro S.A. – Petrobras, following up on the release disclosed on 04/25/2019, informs that it has closed the sale of 90% of its stake in the Transportadora Associada de Gás S.A. ("TAG") to the group formed by ENGIE and the Canadian fund  Caisse de Dépôt et Placement du Québec (CDPQ).

The transaction closed today with a total payment of R$ 33.5 billion to Petrobras, with approximately R$ 2 billion destined to settle TAG's debt with BNDES.

Petrobras will continue to use natural gas transportation services rendered by TAG, through contracts already in force between the two companies, with no impacts on its operations and the delivery of natural gas to its clients.

This operation is in line with the company's portfolio optimization and improvement of its capital allocation, aiming value generation for our shareholders.

Source: EvaluateEnergy® ©2019 EvaluateEnergy Ltd