Petrobras to privatise Gasbol stake: press
Petrobras is nearing a deal to divest its stake in the Brazilian operator of the 30mn m3/day capacity Gasbol gas pipeline from Bolivia to Southern Brazil, Reuters reported March 14.
The deal with private equity firm EIG Energy Partners could net Petrobras anywhere from $500mn to $1bn. EIG previously owned 27.5% in TBG, which operates the Brazilian part of the pipeline, but has sold it to Belgium's Fluxys to avoid scuppering the Petrobras deal, Reuters added.
Petrobras clarified on March 15 that EIG had presented a binding proposal that must be cleared by the Brazilian company's executives before formal negotiations. It said it would also look to divest 25% in the operators of the domestic Uruguaiana - Porto Alegre gas pipeline to TBG.
Gasbol is the main gas transit line for southern Brazil. It generated a 900mn reais ($176mn) operating profit in the first three quarters of 2021, Reuters said.
Brazilian president Jair Bolsonaro has said privatising Petrobras is a political priority but favours a nuanced process over selling the single entity to the highest bidder. Petrobras already exited two Brazilian energy pipeline operators, and a string of other upstream, midstream and downstream assets, to help pay off debt and free up capital to invest in high-margin deepwater oil projects.
Petrobras secured $5.2bn for the Nova Transportadora do Sudeste in southeast Brazil in a 2016 deal with Brookfield Asset Management and Itausa, before selling pipeline operator TAG to Engie and pension fund CDPQ for $8.7bn in 2019.