Petrobras’ fire sale put on hold after supreme court justice steps in

July 5, 2018 |

In Brazil, Bloomberg reports that a supreme court justice has put the brakes on Petrobras’ divestiture of its biofuel and other assets, saying that the privatization of those assets requires congressional approval. The company beleaguered by scandal and billions in debt has been trying to sell off its ethanol and biodiesel assets. The report did not mention if the ruling would be retroactive, requiring congressional approval for sales already completed or if it only applies to future asset sales.

Category: Fuels

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