July 3, 2020 / 11:46 PM / a month ago

Brazil's Petrobras begins binding phase of 10% remaining stake of gas pipeline NTS

SAO PAULO, July 3 (Reuters) - Brazilian state-run oil firm Petrobras has begun the binding phase in the sale process of its 10% remaining stake in gas pipeline firm Nova Transportadora do Sudeste SA (NTS), it said in a securities filing on Friday.

“Potential buyers classified for this phase will receive an invitation letter with detailed instructions on the divestment process,” the company said.

Petroleo Brasileiro SA, as the firm is formally known, said the transaction is in line with its strategy to streamline its portfolio and better allocate capital.

In 2016, a group led by Canada’s Brookfield Asset Management Inc purchased 90% of NTS from Petrobras for $5.2 billion.

Reporting by Gabriela Mello Editing by Chris Reese

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