Brazil’s Supreme Court suspends case involving Petrobras refinery sales

摘要

Rio de Janeiro-Brazil’s Supreme Court suspended deliberations Sept. 22 on a controversial case involving congressional oversight of asset sales by state-owned companies, such as Petrobras, after Chief Justice Luiz Fux surprisingly removed the case from the court’s virtual docket. The suspension came after three justices ruled in favor of a complaint brought by Brazil’s Senate leadership that seeks to block Petrobras from selling nine of the company’s 13 operated refineries. Petrobras is required to reduce its share of Brazil’s refining market to 50% or less by end-2021 under terms of a 2019 antitrust agreement. Senate leaders, however, believe that Brazil’s Constitution requires state-controlled entities to receive congressional approval to sell strategic assets, such as refineries.