Petrobras suspends planned downstream sale on court ruling

摘要

Brazil's Supreme Court ruled in late June that sales of state-controlled assets must be approved by Congress. As announced in April, Petrobras was setting up two downstream subsidiaries and offering 60% stakes in each. Originally, confidentiality agreements were to have been signed by June 18, but the deadline was extended to July 2, and then indefinitely due to tepid interest from buyers. The Brazilian state oil company then announced on July 3 that it will suspend the sale due to the court ruling. (Please see related articles on p. 6 of the May 7 and p. 7 of the May 28 Digests.)