Brazil state oil co. Petrobras sells pipeline unit for $5.2B
RIO DE JANEIRO (AP) — The board of Brazilian state-run oil giant Petrobras has approved the sale of a key natural gas pipeline unit to a group of investors led by Toronto-based Brookfield Asset Management.
Petrobras says the group will pay $5.2 billion over five years to acquire a 90 percent stake in the Nova Transportadora do Sudeste unit.
A Friday statement says the group also includes the Canadian British Columbia Investment Management Corp., China’s CIC Capital Corp. and GIC Private Ltd. of Singapore.
Petrobras has decided to sell off a number of its assets as it struggles with a sharp drop in global oil prices, a sprawling corruption scandal involving the company and a downturn in the Brazilian economy.