China’s sovereign wealth fund China Investment Corp said it has joined hands with Canada’s Brookfield Asset Management Inc in acquiring 90 percent of a natural gas pipeline unit from Brazil’s state oil firm Petróleo Brasileiro SA (Petrobras).
The consortium includes other institutional investors, CIC stated on its website on Wednesday. The pipeline unit is called Nova Transportadora do Sudeste SA.
Reuters reported last September that Petrobras agreed to sell 90 percent of its natural gas pipeline unit to a group of investors, including Brookfield, for US$5.2 billion. Singapore’s sovereign wealth fund GIC was among the other investor identified.
Update: Reuters reported last month that a Brazilian federal court had suspended the sale of the pipeline unit. Petrobras indicated at the time it would appeal the decision.
(Reporting by Chen Aizhu)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy of Petrobras