Brazil's Petrobras Sells Stake in NTS Gas Pipeline Network
4/29/2021
RIO DE JANEIRO (Reuters) — Brazil's state-owned oil company Petroleo Brasileiro SA has approved the sale of its remaining 10% stake in the NTS gas pipeline network for 1.8 billion reais ($337 million) to Brookfield and Itausa SA, the company said in a statement.
In 2016, an investment-fund led by Canada's Brookfield Asset Management Inc and Brazil's Itausa S.A. purchased 90% of the more than 2,000 kilometers pipeline network from Petrobras for $5.2 billion.
Brookfield's fund now will own 100% of Nova Transportadora do Sudeste SA, as NTS is formally known.
Petrobras, as the Rio de Janeiro-based firm is known, will receive 1.5 billion reais, the company said, after dividend payments and contract adjustments.
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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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