The Brazilian oil and gas company Petrobras has concluded the sale of its remaining 10% stake in Transportadora Associada de Gás (TAG) to Engie and Caisse de dépôt et placement du Québec (CDPQ) for BRL 1.1bn (US$206m). TAG is active in gas transportation, operating a 4,500 km gas pipeline system in the North and Northeast regions of Brazil, which can deliver up to 75 mcm/d (over 27 bcm/year). Petrobras, which used to be the sole owner in TAG, sold a 90% stake in the company to Engie and CDPQ in June 2019. The two companies will now jointly own 100% of TAG.
The transaction is in line with Petrobras' strategy to divest assets, optimise its portfolio and improve its capital allocation. In July 2019, Petrobras signed an agreement with the Administrative Council for Economic Defense (Cade) of Brazil, under the terms of which the Brazilian oil and gas company commits to sell stakes in gas transmission assets: a 10% stake in Nova Transportadora do Sudeste (NTS), a 10% stake in Transportadora Associada de Gás (TAG), a 51% stake in Transportadora Brasileira Gasoduto Bolívia-Brasil (TBG) and indirect interests in gas distribution companies (or by selling its 51% interest in Gaspetro).