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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

(PETR4)
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Petrobras : sells majority stake in Brazilian pipeline operator TAG for $8.6bn

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06/18/2019 | 06:42am EDT

The Engie consortium has acquired 90% stake in TAG, which operates nearly 4,500km of gas pipeline infrastructure in Brazil

Brazilian state-run oil firm Petroleo Brasileiro (Petrobras) has completed the sale of majority stake in Brazilian pipeline operator Transportadora Associada de Gs (TAG) to a consortium of Brazilin power producer Engie and Caisse de dpt et placement du Qubec (CDPQ) for $8.6bn.

The consortium has acquired 90% stake in TAG, which operates nearly 4,500km of gas pipeline infrastructure in Brazil. The stake sale completion follows a favourable decision by Brazils Plenary of the Federal Supreme Court (STF) clearing the deal.

TAGs assets are located on the coast of the Northeast and Southeast regions and also along a stretch that connects Urucu to the city of Manaus (AM). It also operates 12 gas compression stations and 91 delivery points.

Petrobras will continue to use the natural gas transportation services of TAG under existing long-term contracts between the two parties.

TAG stake sale is part of Petrobras efforts to trim its debt

The sale is a part of Petrobras effort to divest its assets to reduce its debt and generate value through active portfolio management.

For Engie, the transaction marks its foray into the Brazilian natural gas segment and helps in diversifying its operations in Brazil.

As per the terms agreed by the parties in April 2019, Engie will be responsible for handling the operation and maintenance of the midstream operator after the third year.

At that time, Engie Brasil CEO Maurcio Bhr said said: TAGs acquisition is an historic event for ENGIE in Brazil, where we have been operating for 23 years and where the company is always positioning itself as a long-term investor based on its belief in the countrys potential.

The transaction will be instrumental in the Groups rapid growth in Brazil from new sources of revenue, ensuring the sustainability of our presence in the domestic market, as well as illustrating our commitment to the Brazilian energy transition.

TAG is now 31.5% owned by CDPQ. Petrobras owns 10% stake in the asset while the remaining 58.5% stake is held by Engie.

(c) 2019 Business and Financial Times - All Rights Reserved Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (BRL)
Sales 2019 369 B
EBIT 2019 80 945 M
Net income 2019 34 861 M
Debt 2019 330 B
Yield 2019 2,67%
P/E ratio 2019 11,2x
P/E ratio 2020 8,34x
EV / Sales2019 1,95x
EV / Sales2020 1,65x
Capitalization 388 B
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Mean consensus BUY
Number of Analysts 12
Average target price 33,43  BRL
Last Close Price 28,18  BRL
Spread / Highest target 45,5%
Spread / Average Target 18,6%
Spread / Lowest Target -4,19%
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Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS25.79%104 318
ROYAL DUTCH SHELL12.34%262 418
PETROCHINA COMPANY-7.91%168 784
TOTAL8.47%146 087
GAZPROM PAO (EDR)71.64%86 881
GAZPROM PAO--.--%86 881