State-run oil company Petroleo Brasileiro SA is preparing to sell three more gas...
SAO PAULO - State-run oil company Petroleo Brasileiro SA is preparing to sell three more gas pipelines after successfully selling its larger TAG unit to France’s Engie for $8.6 billion, according to three sources with knowledge of the matter.
The group of pipelines, considerably smaller than the TAG unit sold by Petrobras, as the company is known, could be valued at more than $3 billion altogether, one of the sources said. A controlling stake would lure more investors than a minority one, one of the sources said. Some of the investors that participated in the TAG deal were interested in the other pipelines, which similarly offer table cash flows.
The three units, known as Rota 1, Rota 2 and Rota 3, comprise roughly 1,000 kilometers of pipelines stretching from the Santos basin to the coast.
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