Petrobras turns to Supreme Court to lift injunction on asset sales

Brazil’s state oil firm Petrobras has asked the country’s Supreme Court to lift an injunction preventing the firm from selling some of its offshore fields among other assets.

The action comes soon after an audit court (TCU) gave the debt and corruption-plagued company clearance to divest its assets on condition it starts the process from scratch.

That TCU decision on Wednesday was quickly followed by a statement from the regional oil workers’ union that brought the injunction saying that the freeze on divestment remains in effect.

A spokesman for the Sindipetro-AL/SE union, said its injunction still held in the state of Sergipe.

The injunction has stalled the sales of Fauna Field in the Santos basin and the Tartar Verde field in the Campo Basin as well as several inland fields plus the company’s fuels distribution unit BRL.

Petrobras wants to divest because it is burdened by huge debts and has already made cuts in budget, manpower and investment.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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