Companies & Finance

Petrobras freezes asset sales after Brazilian supreme court ruling

Petrobras has suspended major asset sales nafter a Supreme Court justice ruled the country’s Congress needed to approve all privatisation.
By Staff reporter 4 July 2018 0 31603

Brazilian state-run Petrobras has suspended major asset sales – including that of its gas pipeline company Transportadora Associada de Gas (TAG) – after a Supreme Court justice ruled the country’s Congress needed to approve all privatisation, Reuters has reported.

The decision could jeopardise Petrobras’s $21 billion divestment programme.

A court in Recife, the capital of Brazil’s northeastern state of Pernambuco, suspended the sale of TAG last month, citing the lack of a public tender.

A federal judge ruled the state-run company had failed to observe...