Off the wire
• U.S. House speaker says TPP doesn't have enough votes to pass Congress  • U.S. stocks slide amid ECB decision, economic data  • S. Africa ruling party rejects motion over state capture allegations  • U.S. dollar rises after ECB decision  • Urgent: Airstrike kills top rebel commanders in northern Syria  • Chinese premier calls for promoting comprehensive strategic partnership with Laos  • LME base metals close mixed on Thursday  • Water restrictions imposed in S. Africa due to severe drought  • Air pollution costs global economy trillions of dollars, World Bank says  • Feature: How the face of warfare changed forever a century ago  
You are here: 　 Home

Brazil's Petrobras sells major pipeline subsidiary to Canada's Brookfield

Xinhua, September 9, 2016 Adjust font size:

Brazil's national oil company Petrobras announced Thursday that it is selling off Nova Transportadora do Sudeste, its subsidiary responsible for operating 2,700 km of pipelines in the south of the country.

As part of a massive divestment plan within Petrobras, the company was sold to the Canadian investment fund, Brookfield. While no official value for the sale was given, the Brazilian press placed it at an estimated 6 billion U.S. dollars.

Nova Transportadora do Sudeste manages Petrobras pipelines in the states of Rio de Janeiro, Sao Paulo, Espírito Santo and Minas Gerais, all states in the southeast of Brazil, where the country's largest oil deposits are located.

Petrobras is undergoing a deep financial crisis due to low oil prices and the discovery of a massive corruption ring within its ranks.

The company is planning to divest assets worth 15 billion U.S. dollars by the end of the year as a way to reduce its debt, which reached 124.5 billion dollars in June. Enditem