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Brazil: Petrobras executes agreements for sale totaling $10.3 bn

By  |  April 29, 2019
Brazilian state-owned company Petrobras has completed the sale of a series of assets totaling US$10.3 billion ($40 billion Reals).

“Today is an important day for Petrobras with the execution of three relevant transactions. The continuous management of the portfolio helps to improve our capital placement, thus increasing the creation of value for our shareholders…” said Petrobras CEO Roberto Castello Branco. Among the transactions is the sale of 90% of its stake in Transportadora Associada de Gas SA to a group made up by French energy company ENGIE and the Canadian investment fund CDPQ, As well as a 50% stake in the oil field Tartaruga Verde, which will go in part to its Malaysian counterpart, PETRONAS.

The closing of the agreement will depend on its compliance with the conditions established in the agreements, including the prior approval of the Administrative Council for Economic Defense (CADE). The operations have been carried out in compliance with Petrobras’ divestment methodologies, establishing a divestment regime for companies with federal mixed capital.

Full Content: World Oil

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