WITH POSITIVE RESULTS FROM TAG, ENGIE SAYS TO ASSESS PURCHASE OF REMAINING 10% FROM PETROBRÁS IN THE COMPANY

JUN 18, 2020

Engie Brasil is celebrating the positive result it is seeing from the TAG gas pipeline network, acquired from Petrobras last year. As a result, the French company is evaluating the possibility of buying the 10% of the assets that are still in the hands of the state-owned company.

“The operation is better than we expected, especially due to the lower financing cost than we had planned. We also have the opportunity to buy 10% from Petrobras, which is in the process of being sold, ”said Engie CEO Eduardo Sattamini, during an online transmission organized by Banco Safra.

Petrobras put its 10% stake in TAG for sale at the end of last year. As a reminder, the consortium Engie and the Canadian fund CDPQ bought 90% of the gas pipeline network for R $ 33.5 billion in June 2019. TAG operates a gas pipeline system of approximately 4,500 km in length, located mainly in the North and Northeast regions of Brazil, with an installed capacity of 75 million cubic meters per day.

Source: PetroNoticias

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