Sao Paulo — At least three consortiums, led by France’s Engie, Australia’s Macquarie Group and the United Arab Emirates’ sovereign wealth fund Mubadala Development Co, delivered proposals for a Brazilian gas pipeline network owned by state oil company Petrobras, three people with knowledge of the matter said. Friday was the final day for the delivery of proposals, in the first phase of the process to acquire a 90% stake in Transportadora Associada de Gás, the Petrobras unit known as TAG, which owns 4,500km of pipelines in northeast Brazil. The sale of TAG is part of a plan by Petrobras, as Petróleo Brasileiro is known, to raise $21bn from asset sales this year and next in order to reduce its $95bn debt load — the largest among oil majors. TAG’s sale is expected to be one of the largest Petrobras divestitures in the programme. Reuters disclosed in October that 20 groups, which formed consortiums because of the size of the deal, were interested in bidding. The deal is expected to attr...
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