State-run Brazilian oil company Petrobras is close to reaching an agreement to sell to U.S. private equity firm EIG Energy Partners control of a natural gas pipeline that connects Bolivia and southern Brazil, three people with knowledge of the matter told Reuters.
Petroleo Brasileiro SA, as the company is formally known, is expected to receive more than $500 million for the 51% stake in TBG, added one of the sources, who requested anonymity to discuss private negotiations. The bid could reach up to $1 billion depending on details of the talks.
Under negotiation is Transportadora Brasileira Gasoduto Bolivia-Brasil , which operates the Brazilian section of the pipeline, called Gasbol.The roughly 2,600 km pipeline system is the main transportation network for natural gas in the south of Brazil. It generated more than 900 million reais of operating profit for its owners in the first nine months of last year.
Gasbol can transport up to 30 million cubic meters per day of natural gas from Bolivia to consumer markets in Brazil. Petrobras declined to comment on the talks. EIG did not immediately respond to a request for comment.
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