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Report: EIG's bid on Petrobras' TAG pipeline network could be worth $9B


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Report: EIG's bid on Petrobras' TAG pipeline network could be worth $9B

EIG Global Energy Partners LLC is planning to bid for state-controlled Petróleo Brasileiro SA - Petrobras' Transportadora Associada de Gas natural gas pipeline network, which is expected to have an offer price between $8 billion and $9 billion, according to a March 13 report from Bloomberg.

EIG CEO R. Blair Thomas refused to comment on a price for its bid and said the company is working with several banks.

Bloomberg said EIG is bidding with Mubadala Development Co., along with two other groups led by French utility ENGIE SA and Macquarie Group Ltd. Thomas said the interested companies could submit final bids until April 2.

The pipeline network spans 10 states in northern Brazil.

The transaction is expected to be Petrobras' biggest divestment and is part of its goal to reduce debt.