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Petrobras suspends asset sales after court decision about privatization - filing

July 10/2018

MOSCOW (MRC) -- Brazilís state-run oil company Petroleo Brasileiro SA said in a securities filing last Tuesday it suspended some asset sales after a Supreme Court decision ruled privatization processes must be approved by the nationís Congress, reported Reuters.

While evaluating what legal actions to take, Petrobras decided to suspend the sale of its refineries, of the gas pipeline company Transportadora Associada de Gas and also of the Araucaria fertilizer factory.

As MRC wrote previously, in October 2017, Petrobrasís minority stakes in Braskem and Deten Quimica was excluded from Petrobrasís divestment program, according to a government decree published in Brazilís Official Gazette. The decree prevented Petrobras from immediately selling its minority stake in Braskem, which had been announced last year. A new decree will be required to release the stock sale.

Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.
Author:Margaret Volkova
Tags:PVC, PE, crude and gaz condensate, fertilizers, petrochemistry, Braskem, Petrobras, Brazil.
Category:General News
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