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Petrobras to sell 90% of TAG

Source: www.gulfoilandgas.com 9/5/2017, Location: South America

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Petrobras started the stage of disclosure of the opportunity (Teaser), related to the process of divesting 90% of our shareholding in.

TAG is a company that operates in the natural gas transportation sector, currently holding long-term authorizations to operate and manage a pipeline system of approximately 4,5 thousand km, located mainly in the North and Northeast regions of Brazil. The company's transportation capacity is 74.7 MMm3 / d, a volume that is fully contracted through long-term contracts with ship-or-pay clauses . Currently, most operations and maintenance (O & M) services are performed by Petrobras Transporte SA (Transpetro), our wholly-owned subsidiary, through agreements entered into with TAG for this purpose.

In addition to the Teaser , the main subsequent steps of the company's divestment project will be disclosed, as follows:

· Beginning of the non-binding phase (when applicable);
· Beginning of the binding phase;
· Granting of exclusivity for negotiation (when applicable);
· Approval of the transaction by senior management (Board of Executive Officers and Board of Directors) and signature of the contracts;
· Closing of the transaction ( closing ).

The present disclosure to the market is in line with our disinvestment system, which has been reviewed and approved by our Board of Executive Officers and is in line with the guidance of the Brazilian Court of Audit (TCU).

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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