US Markets

Second Brazil judge votes against Petrobras refinery privatizations

Credit: REUTERS/RICARDO MORAES

A second justice on Brazil's Supreme Court has voted against allowing state-owned oil company Petrobras to go ahead with the planned sale of eight refineries, according to a court document reviewed by Reuters.

BRASILIA, Sept 21 (Reuters) - A second justice on Brazil's Supreme Court has voted against allowing state-owned oil company Petrobras PETR4.SA to go ahead with the planned sale of eight refineries, according to a court document reviewed by Reuters.

Justice Ricardo Lewandowski's vote to stop the privatizations comes after justice Edson Fachin similarly voted against it on Friday. Brazil's Congress had requested that the court suspend the transactions.

The Supreme Court has until Sept. 25 to rule on the matter, with the other nine justices yet to cast their votes.

Petroleo Brasileiro SA, as Petrobras is formally known, is in talks to sell refineries in Bahia and Parana states as part of an overall divestment plan that aims to sell eight refineries.

The company is in exclusive talks to sell the Rlam refinery in Bahia to Abu Dhabi state investor Mubadala Investment Co. Petrobras' bid to sell its Repar facility in Parana has attracted interest from Raizen, a joint venture between Royal Dutch Shell RDSa.L and Brazil's Cosan CSAN3.SA, as well as fuel company Ultrapar Participacoes UGPA3.SA.

(Reporting by Ricardo Brito; writing by Jake Spring and Aurora Ellis)

((jake.spring@thomsonreuters.com; +55 61 99653-2429; Reuters Messaging: jake.spring.thomsonreuters.com@reuters.net / Twitter: https://twitter.com/jakespring))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

World Markets

Latest Markets Videos

Reuters

Reuters, the news and media division of Thomson Reuters, is the world’s largest international multimedia news provider reaching more than one billion people every day. Reuters provides trusted business, financial, national, and international news to professionals via Thomson Reuters desktops, the world's media organizations, and directly to consumers at Reuters.com and via Reuters TV.

Learn More