A multi-billion dollar divestment programme by Petrobras is inching forward, although some potential buyers have been holding back for results of Brazil’s intensely-polarised election campaign.
The state oil giant has been pressing ahead with the disposal of selected upstream assets after being forced by a court injunction to halt divestments that can be classified as privatisation moves.
The injunction suspended the sale of a 90% stake in the northern branch of gas pipeline subsidiary Transportadora Associada de Gas just as French utility Engie was reportedly ready to bid more than $8 billion for the asset, with backing from Canadian pension funds.
