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Dias Toffoli Allows Petrobras to Continue Selling Its Assets

Written by Paulo Nogueira

Published on 13/01/2019 at 09:03

O juiz Dias Toffoli mantém a decisão até o dia 27 de fevereiro, quando toda a Suprema Corte ouvirá o caso da venda dos ativos da Petrobras

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Judge Dias Toffoli Maintains Decision Until February 27, When the Entire Supreme Court Will Hear the Case of Petrobras’s Asset Sales

The President of Brazil’s Supreme Court restored a presidential decree that regulates how the Brazilian state-owned company Petrobras (PETR4.SA) can carry out an ambitious divestment program aimed at reducing the company’s significant debt. Judge Dias Toffoli’s decision, signed on Friday, overturned an injunction issued by a colleague last month. Toffoli’s decision is set to last until February 27, when the entire Supreme Court will hear the case.

The December injunction, following a lawsuit filed by the opposition Workers’ Party, raised doubts about Petrobras’s ability, as the company is known, to carry out the divestments as planned.

Petrobras is planning an asset sale of US $26.9 billion over the next five years, according to a strategic outlook released at the end of last year. These include subsidiaries, oil fields, and some refineries.

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Paulo Nogueira

Graduated in Electrical Engineering from one of the country's technical education institutions, the Instituto Federal Fluminense - IFF (formerly CEFET), he worked for several years in the offshore oil and gas, energy, and construction sectors. Today, with over 8,000 publications in online magazines and blogs on the energy sector, the focus is to provide real-time information on the Brazilian job market, macro and microeconomics, and entrepreneurship. For questions, suggestions, and corrections, please contact us at informe@clickpetroleoegas.com.br. Please note that we do not accept resumes at this contact.

Dias Toffoli Allows Petrobras to Continue Selling Its Assets

Judge Dias Toffoli Maintains Decision Until February 27, When the Entire Supreme Court Will Hear the Case of Petrobras’s Asset Sales

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