Petrobras Concludes the Sale of TAG

Source: www.gulfoilandgas.com 7/20/2020, Location: South America

Petrobras, following up on the press release on March 13, 2020, informs that it has entered into a share purchase and sale agreement, regarding its remaining 10% interest in Transportadora Associada de Gás S.A. (TAG), with the group formed by ENGIE and Caisse de dépôt et placement du Québec (CDPQ).

The value of the transaction was R$ 1.1 billion. Considering the discount of R$ 110 million already received in June as dividends and the other adjustments foreseen in the contract, the transaction was concluded for R$ 1.0 billion, fully paid today.

Comparing the value of this operation with the value of 90% of TAG sale in June 2019, it is necessary to consider that TAG's debt increased from R$ 2 billion to R$ 23 billion, which generated a payment of R$ 2 billion to Petrobras, already considered in the total amount disclosed at the close of the 90% stake sale, as disclosed in the third quarter 2019 result.

This transaction represents another important milestone for the opening of the natural gas sector in Brazil, and with it Petrobras fulfills, 18 months in advance, one of the commitments assumed under the Agreement signed with the Administrative Council for Economic Defense (CADE) on July 8, 2019.

This transaction is in line with the portfolio optimization and the improvement of company’s capital allocation, aiming at maximizing value for its shareholders.

About TAG
TAG is a company operating in the natural gas transportation segment, currently holding long-term permits to operate and manage a 4,500 km gas pipeline system, located mainly in the North and Northeast regions of Brazil, with installed capacity of 75 MM m3/d.

The group formed by ENGIE and CDPQ has a 90% stake in TAG, acquired from Petrobras in June 2019.


Norway >>  7/1/2022 - TGS ASA has acquired Prediktor AS ("Prediktor"), a leading provider of asset management and real-time data management solutions to renewable and energ...
United States >>  7/1/2022 - Chord Energy Corporation announced the successful completion of the combination of Whiting Petroleum Corporation ("Whiting") and Oasis Petroleum Inc. ...

Norway >>  6/30/2022 - In reference to the 26 January press release stating that Green Energy Group (SBX Plc, or "the Company") had initiated a strategic review, and the 28 ...
Norway >>  6/30/2022 - Lundin Energy’s E&P business was transferred to Aker BP on 30 June. “Our ambition is to create the world’s best oil and gas company with low costs, lo...

Norway >>  6/30/2022 - In reference to announcement made on 9 March 2022 on Pandion Energy acquiring the shares of ONE-Dyas Norge AS. Pandion Energy hereby announces that th...
Singapore >>  6/30/2022 - The Keppel Marina East Desalination Plant (KMEDP), which is owned by Keppel Infrastructure Holdings Limited (Keppel Infrastructure), and Keppel Infras...




Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.