CORRECTED-Brazil’s Petrobras nears terms over TAG pipeline sale [Reuters]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Reuters
CORRECTED-Brazil’s Petrobras nears terms over TAG pipeline sale | Reuters 5 Min Read (Adjusts Supreme Court designation in first para) By Aaron Weinman NEW YORK, Dec 7 (LPC) - Brazil’s state-controlled oil company Petróleo Brasileiro could present a new sale and purchase agreement (SPA) before the end of December for the sale of the Transportadora Associada de Gás (TAG) pipeline, after a Brazilian Supreme Court injunction in July stalled the sale. The sale of TAG, which operates natural gas pipelines in Brazil’s north and northeast, could fetch Petrobras as much as US$7bn, in one of the company’s largest-ever asset sales, three sources familiar with the process said. A new multibillion dollar syndicated loan is expected to finance the acquisition, two sources said. Petrobras unveiled a five-year investment plan on December 5 which outlined its plans to raise US$26.9bn via asset sales and partnerships and make US$84bn of investments by 2023. The plan is designed to cut Petrobras’ debt
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