Brazilian oil firm Petrobras reopened bidding for pipeline network TAG


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Brazilian oil firm Petrobras reopened bidding for pipeline network TAG

Petroleo Brasileiro SA, Brazil’s state-owned oil company said on Tuesday, the 12th of March 2019, that they had been allowing new bids for their TAG pipeline network, at least two Petrobras spokesmen familiar with the subject matter revealed on Wednesday (March 13th).

The Petroleo Brasileiro SA, widely known as the Petrobras, had finalized drafting a sale contract for the winner of the first phase of the TAG pipeline process, French Engie SA, which had been bidding against Canadian Pension fund, Caisse de Dépot et Placement du Québec.

According to spokesmen familiar with the matter, the second round of bid, as requested by Brazil’s audit court, would be held earlier in April. On Tuesday (March 12th), two other groups had received documents required for offering new bids, and the groups were expected to deliver their proposal by next week.

However, in terms of anonymity, one of the two Petrobras spokesmen said that the groups would have access to the exact bid amount offered by Engie. In fact, the market had been blabbering that the Engine bid could amount to nearly $8 billion.

While being asked for comments regarding new bids for their TAG pipeline, the Brazilian state-controlled oil company, Petrobras declined to comment.