UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the

Securities Exchange Act of 1934

 

For the month of July, 2020

 

Commission File Number 1-15106

 

 

 

PETRÓLEO BRASILEIRO S.A. – PETROBRAS

(Exact name of registrant as specified in its charter)



Brazilian Petroleum Corporation – PETROBRAS

(Translation of Registrant's name into English)



Avenida República do Chile, 65 
20031-912 – Rio de Janeiro, RJ
Federative Republic of Brazil

(Address of principal executive office)


Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. 

Form 20-F ___X___ Form 40-F _______

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes _______ No___X____

 


 

 

Petrobras concludes the sale of TAG

 

Rio de Janeiro, July 20, 2020 - Petróleo Brasileiro S.A. – Petrobras, following up on the press release on March 13, 2020, informs that it has entered into a share purchase and sale agreement, regarding its remaining 10% interest in Transportadora Associada de Gás S.A. (TAG), with the group formed by ENGIE and Caisse de dépôt et placement du Québec (CDPQ).

 

The value of the transaction was R$ 1.1 billion. Considering the discount of R$ 110 million already received in June as dividends and the other adjustments foreseen in the contract, the transaction was concluded for R$ 1.0 billion, fully paid today.

 

Comparing the value of this operation with the value of 90% of TAG sale in June 2019, it is necessary to consider that TAG's debt increased from R$ 2 billion to R$ 23 billion, which generated a payment of R$ 2 billion to Petrobras, already considered in the total amount disclosed at the close of the 90% stake sale, as disclosed in the third quarter 2019 result.

 

This transaction represents another important milestone for the opening of the natural gas sector in Brazil, and with it Petrobras fulfills, 18 months in advance, one of the commitments assumed under the Agreement signed with the Administrative Council for Economic Defense (CADE) on July 8, 2019.

 

This transaction is in line with the portfolio optimization and the improvement of company’s capital allocation, aiming at maximizing value for its shareholders.

About TAG

TAG is a company operating in the natural gas transportation segment, currently holding long-term permits to operate and manage a 4,500 km gas pipeline system, located mainly in the North and Northeast regions of Brazil, with installed capacity of 75 MM m3/d.

The group formed by ENGIE and CDPQ has a 90% stake in TAG, acquired from Petrobras in June 2019.

 

 

 

 

 

 


www.petrobras.com.br/ir


For more information:

PETRÓLEO BRASILEIRO S.A. – PETROBRAS | Investor Relations

 e-mail: petroinvest@petrobras.com.br/acionistas@petrobras.com.br

 Av. República do Chile, 65 – 1002 – 20031-912 – Rio de Janeiro, RJ.

 Tel.: 55 (21) 3224-1510/9947 | 0800-282-1540

 


 

This document may contain forecasts within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Trading Act of 1934, as amended (Trading Act) that reflect the expectations of the Company's officers. The terms: "anticipates", "believes", "expects", "predicts", "intends", "plans", "projects", "aims", "should," and similar terms, aim to identify such forecasts, which evidently involve risks or uncertainties, predicted or not by the Company. Therefore, future results of the Company's operations may differ from current expectations, and the reader should not rely solely on the information included herein. 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Date: July 20, 2020

 

PETRÓLEO BRASILEIRO S.A—PETROBRAS

By: /s/ Andrea Marques de Almeida

______________________________

Andrea Marques de Almeida

Chief Financial Officer and Investor Relations Officer

 

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