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Engie consortium acquires Petrobras pipeline

A consortium led by energy company Engie takes over pipeline unit TAG from the Brazilian state oil company Petrobras. The deal involves an amount of $ 8.6 billion.

For the French company Engie, the acquisition is important in the further roll-out of its presence in the fast-growing market for gas infrastructure. Petrobras in turn needs the money to lower his debts. TAG accounts for almost half of all gas pipelines in Brazil. Engie expects that TAG will immediately provide a stable profit stream.

The deal involves the acquisition of 90 percent of the TAG shares. Petrobras itself holds 10 percent of the part. In addition to Engie, the Canadian CDPQ is also part of the consortium.

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