Petrobras to privatise Gasbol stake: press
Petrobras is nearing a deal to divest its stake in the Brazilian operator of the 30mn m3/day capacity Gasbol gas pipeline from Bolivia to Southern Brazil, Reuters reported March 14.
The deal with private equity firm EIG Energy Partners could net Petrobras anywhere from $500mn to $1bn. EIG previously owned 27.5% in TBG, which operates the Brazilian part of the pipeline, but has sold it to Belgium's Fluxys to avoid scuppering the Petrobras deal, Reuters added.
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Petrobras clarified on March 15 that EIG had presented a binding proposal that must be cleared by the Brazilian company's executives before formal negotiations. It said it would also look to divest 25% in the operators of the domestic Uruguaiana - Porto Alegre gas pipeline to TBG.
Gasbol is the main gas transit line for southern Brazil. It generated a 900mn reais ($176mn) operating profit in the first three quarters of 2021, Reuters said.
Brazilian president Jair Bolsonaro has said privatising Petrobras is a political priority but favours a nuanced process over selling the single entity to the highest bidder. Petrobras already exited two Brazilian energy pipeline operators, and a string of other upstream, midstream and downstream assets, to help pay off debt and free up capital to invest in high-margin deepwater oil projects.
Petrobras secured $5.2bn for the Nova Transportadora do Sudeste in southeast Brazil in a 2016 deal with Brookfield Asset Management and Itausa, before selling pipeline operator TAG to Engie and pension fund CDPQ for $8.7bn in 2019.