Petrobras wins favorable Supreme Court decision

Posted On June 11th, 2019 - 12:49 pm | by Oil and gas press

Petrobras announced that the Plenary of the Federal Supreme Court (STF) reversed the provisional injunction granted by Minister Ricardo Lewandowski in ADI 5624, which conditioned the sale of control of subsidiaries and subsidiaries of state-owned companies to prior legislative authorization and public bidding.

Petrobras continues with its divestments, fundamental for reducing its level of indebtedness and for generating value through active portfolio management, in line with its 2019-2023 Business Plan and Management and Resilience Plan, respecting the competitiveness and the constitutional principles applicable to the company.

Regarding the sale of Petrobras’ 90% stake in the Transportadora Associada de Gás S.A. (TAG), the company informs that Minister Edson Fachin revoked the injunction granted in Complaint 33292, which allows the conclusion of the operation. Concerning the sale of 100% of its stake in Araucária Nitrogenados S.A., suspended pursuant to an injunction issued by the Federal Court of Rio de Janeiro, the company clarifies that it will continue to defend its interests, taking into account the decision of the Plenary of the Federal Supreme Court.

Source / More : Petrobras

Tags: , News analysis

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