Brazil's Petrobras Sells Stake in NTS Gas Pipeline Network

Brazil's state-owned oil company Petroleo Brasileiro 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.

RIO DE JANEIRO (Reuters) — Brazil's state-owned oil company Petroleo Brasileiro 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.

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.