An Engie-led association has won a bid for Brazilian fuel producer Petrobras’ pipeline division TAG in a $8.6 billion (€7.63 billion) deal, Reuters reports.
The association consists of French utility firm Engie and Canadian company Caisse de Dépôt et Placement du Québec (CDPQ).
Petrobras will be keeping a 10% stake in TAG according to the report.
“Our acquisition of TAG is a significant milestone for Engie in Brazil, a key market for the group where we have been present for 23 years,” Engie chief executive Isabelle Kocher told Reuters.
“It is fully aligned with Engie’s strategy to become the leader of the zero-carbon transition, supporting Brazil in the decarbonisation of its energy mix.”
The report outlines that under Kocher, Engie has been increasing its investment into energy services and renewable energy, while selling out of coal-related services.