Brazil’s Petrobras sells company to consortium including China’s sovereign fund

7 April 2017

Brazil’s Petrobras has completed the sale, announced on 23 September, 2016, of a 90% stake in the Nova Transportadora do Sudeste (NTS) transport company to Nova Infra-estrutura Fundo de Investimentos em Participações (FIP), the oil company said in a statement issued on Tuesday.


FIP is a company managed by Brookfield Brasil Asset Management Investimentos Ltda, a subsidiary of Brookfield Asset Management, of Canada, and the acquiring consortium includes CIC Capital, a subsidiary of the China Investment Corp (CIC) sovereign fund.


The transaction was completed with the payment of US$4.23 billion and Petrobras will continue to use the natural gas transportation facilities of NTS, under existing contracts, without any impact on its operations and gas delivery to distributors and other customers.


The oil company also said that after the completion of the deal, FIP sold part of its shares in NTS to Itaúsa – Investimentos Itaú, and FIP kept an 82.35% stake, Petrobras 10% and Itaúsa 7.65%.


This deal is part of the group’s partnerships and divestitures programme for 2015-2016 and is also part of the Strategic Plan/PNG 2017-2021, which outlines involvement in the oil and gas business through partnerships. (macauhub)