October 29, 2020

Market and Financial News Aggregator

Three Brazilian justices vote against Petrobras refinery privatizations By Reuters

2 min read

© Reuters. FILE PHOTO: A logo of Brazil’s state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro

By Ricardo Brito

BRASILIA (Reuters) – Three justices on Brazil’s Supreme Court have voted against allowing state-owned oil company Petrobras (SA:) to go ahead with the planned sale of eight refineries, according to the court’s website.

Justices Marco Aurélio Mello and Ricardo Lewandowski voted to stop the privatizations, according to the court’s website on Monday, after justice Edson Fachin similarly voted against it on Friday. Brazil’s Congress had requested that the court suspend the transactions.

The Supreme Court has until Friday to rule on the matter, with the other nine justices yet to cast their votes.

Petroleo Brasileiro SA, as Petrobras is formally known, is in talks to sell refineries in Bahia and Parana states as part of an overall divestment plan that aims to sell eight refineries.

The company is in exclusive talks to sell the Rlam refinery in Bahia to Abu Dhabi state investor Mubadala Investment Co. Petrobras’ bid to sell its Repar facility in Parana has attracted interest from Raizen, a joint venture between Royal Dutch Shell (L:) and Brazil’s Cosan (SA:), as well as fuel company Ultrapar Participacoes (SA:).

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


2020-09-21 17:15:23

Read more from source here…

Leave a Reply