March 13, 2019 / 5:41 PM / 8 months ago

Petrobras reopens bidding for pipeline network TAG -sources

SAO PAULO, March 13 (Reuters) - Brazil’s state-controlled oil company Petroleo Brasileiro SA on Tuesday relaunched the process to allow new bids for the TAG pipeline network, two people with knowledge of the matter said on Wednesday.

Petrobras, as the company is known, has finished drafting a sale contract with the winner of the first phase of the process, France’s Engie SA, which is bidding with Canadian pension fund Caisse de Dépot et Placement du Québec.

The bids in the second round, requested by Brazil’s audit court, will be due on the first week of April, the sources added, asking for anonymity to disclose private talks.

Yesterday, the other two groups received from Petrobras the documents needed to offer new bids for TAG, which may be delivered over the coming weeks. The groups will not have access to the exact price offered by Engie, the sources added. Engie’s bid is said to be around $8 billion.

Petrobras did not immediately comment.

One of the rival groups is led by Australia’s Macquarie Bank Ltd, with Canada’s pension fund CPPIB and Brazilian investment firms Itausa Investimentos SA and Cambuhy Investimentos Ltda. The third one is led by United Arab Emirates’ Mubadala Investment Company and EIG Global Energy Partners. (Reporting by Tatiana Bautzer and Carolina Mandl Editing by James Dalgleish)

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