Petrobras Enters Binding Phase in Sale of 10% Stake in NTS Gas Pipeline
7/3/2020
Brazil's state oil firm Petrobras has begun the binding phase in the sale process of its 10% remaining stake in gas pipeline firm Nova Transportadora do Sudeste SA (NTS), it said in a securities filing on Friday.
"Potential buyers classified for this phase will receive an invitation letter with detailed instructions on the divestment process," the company said.
Petroleo Brasileiro SA, as the firm is formally known, said the transaction is in line with its strategy to streamline its portfolio and better allocate capital.
In 2016, a group led by Canada's Brookfield Asset Management Inc purchased 90% of NTS from Petrobras for $5.2 billion
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Pipeline Project Spotlight
Owner:
East African Crude Oil Pipeline Company
Project:
East African Crude Oil Pipeline (EACOP)
Type:
TotalEnergies in discussions with a Chinese company after Russian supplier Chelpipe was hit by sanctions.
Length:
902 miles (1,443 km)
Capacity:
200,000 b/d
Start:
2022
Completion:
2025
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