Brazil oil union says Petrobras divestment still on hold

Published 17/03/2017, 12:03 pm
© Reuters.  Brazil oil union says Petrobras divestment still on hold
PETR4
-

By Marta Nogueira

BRASILIA, March 16 (Reuters) - A regional oil workers' union said on Thursday that an injunction freezing sales of assets by Brazilian state-run oil company Petrobras, including its fuels distribution unit, will continue to block divestiture, despite an audit court ruling allowing sales to go ahead.

Brazil's federal audit court TCU on Wednesday allowed Petroleo Brasileiro SA PETR4.SA to proceed with its divestment program, but required the company to restart the processes in all but two projects. TCU ruling overturned an injunction that suspended sales in December and would allow Petrobras to proceed with the sale of a controlling stake in BR Distribuidora.

However, the lawyer for the Sindipetro-AL/SE union, Raquel Sousa, said the union's injunction obtained in the state of Sergipe remained in effect.

"BR Distribuidora still cannot be sold. The TCU ruling does not overrule previous judicial decision," she told Reuters.

Petrobras did not immediately respond to requests for comment.

Besides the distribution company, the injunction has blocked the sale of the Baúna and Tartaruga Verde oil fields, the Baúna and Tartaruga Verde oil fields, as well as inland fields in the states of Ceará, Rio Grande do Norte, Sergipe, Bahia and Espírito Santo.

"The National Oil Workers Federation's fight against the sale of Petrobras assets continues," Sousa said.

The injunction issued in November forced Petrobras to suspend talks with Karoon Gas Australia Ltd on the sale of a 100 percent stake in the 45,000 barrels-per-day Bauna field, in the Santos Basin, and a 50 percent interest in Tartaruga Verde, still in development, in the Campos Basin.

Karoon said in a statement that it understood that Petrobras is continuing with court proceedings to have the injunction lifted. It said the TCU decision was "separate and distinct" from the Sergipe court proceedings against Petrobras. (Writing by Anthony Boadle; Editing by Leslie Adler)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.