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Energy

Brazil's Petrobras sells stake in NTS gas pipeline network

1 minute read

The Petrobras logo is seen in front of the company's headquarters in Sao Paulo April 23, 2015. REUTERS/Paulo Whitaker

RIO DE JANEIRO, April 28 (Reuters) - Brazil's state-owned oil company Petroleo Brasileiro SA (PETR4.SA) has approved the sale of its remaining 10% stake in the NTS gas pipeline network for 1.8 billion reais ($337 million) to Brookfield and Itausa SA, the company said in a statement on Wednesday.

In 2016, an investment-fund led by Canada's Brookfield Asset Management Inc and Brazil's Itausa S.A. purchased 90% of the more than 2,000 kilometers pipeline network from Petrobras for $5.2 billion.

Brookfield's fund now will own 100% of Nova Transportadora do Sudeste SA, as NTS is formally known.

Petrobras, as the Rio de Janeiro-based firm is known, will receive 1.5 billion reais, the company said, after dividend payments and contract adjustments.

($1 = 5.3425 reais)

Reporting by Sabrina Valle; Editing by Christian Schmollinger

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