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    Petrobras sells minority stake in national pipeline company

Summary

The divestment follows a February decision to unload assets in Brazil's offshore Espirito Santo basin.

by: Daniel Graeber

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Complimentary, Natural Gas & LNG News, Americas, Corporate, Infrastructure, Pipelines, News By Country, Brazil

Petrobras sells minority stake in national pipeline company

Brazilian energy company Petrobras said April 28 it had sold its remaining 10% interest in a national pipeline company for an estimated $330mn.

Continuing a divestment streak, the Brazilian company, known formally as Petroleo Brasileiro, sold its remaining stake in natural gas transportation company Nova Transportadora do Sudeste (NTS) to Nova Infraestrutura Gasodutos Participacoes, a company formed by an investment fund that already holds a controlling interest in NTS.

“The signing of the purchase and sale agreement and the closing of the transaction will take place simultaneously in the next few days,” Petrobras said.

NTS operates and manages a 1,200-mile network of pipelines and has the capacity to transport as much as 5.5bn ft3/day of natural gas.

Petrobras is on a major divestment programme, seeking buyers for various upstream, midstream and downstream assets to reduce its leverage and raise capital for investing in its deepwater offshore fields.

Nevertheless, the company in February reached a deal to sell the Peroa field cluster in the offshore Espirito Santo basin to local firms OP Energia and DBO Energia for up to $55mn.

OP Energia and DBO Energia will take 50% stakes each in the projects. They have already paid $5mn and will pay a further $7.5mn on the deal's completion and make up to $42.5mn in contingent payments depending on oil prices.