Brazil's Petrobras moves forward in process to sell remaining stake in TAG

FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo

SAO PAULO (Reuters) - Brazil's state-run oil company Petroleo Brasileiro PETR4.SA said on Friday that it had begun the "non-binding phase" of the process of selling its remaining 10% stake in its former pipeline subsidiary Transportadora Associada de Gás (TAG).

In the so-called “non-binding phase” of the transaction, prospective buyers will receive a memorandum with detailed information about the pipeline company and divestment instructions, including tender guidelines.

Petrobras sold a 90% stake in TAG to Engie's ENGIE.PA Brazilian subsidiary and Canadian investment fund Caisse de Depot and Placement du Quebec (CDPQ) in April for $8.6 billion. Engie has said it intends to acquire the remaining stake.

Reporting by Luciano Costa, Editing by Rosalba O’Brien