Court Suspends Sale of Petrobras Fertilizer Plants

Written by Renato Oliveira

Published on 30/05/2019 at 13:39

Nova derrota da Petrobras na justiça

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New Setback for Petrobras This Time Came from the Justice of Rio de Janeiro, Which Suspended the Sale of the Araucária Nitrogenados Factories, Ansa and Its Nitrogen Fertilizer Unit III, UFN-III.

Another defeat for Petrobras in the judiciary has just occurred; the Federal Court of Rio de Janeiro, responding to a popular action, granted a temporary injunction suspending the sale of 100% of its equity stake in Araucária Nitrogenados S.A. (Ansa) and its Nitrogen Fertilizer Unit III (UFN-III).

Last Friday, the STF, through Minister Edson Fachin, decreed the suspension of the sale of the gas pipeline unit (TAG) and refineries, this is, therefore, a new defeat for Petrobras’s divestment program.

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What Petrobras Says

Petrobras stated in an official note that it will safeguard its rights, “Petrobras will take the necessary measures in favor of its interests and those of its investors,” the note said.

Defeats may not stop there; tomorrow (05/31), a ruling is expected in the STF plenary regarding two more injunctions that impede the sale of the company’s assets, thereby disrupting its divestment schedule.

By stating that the STF will do its part, the minister clearly demonstrates that Petrobras will face challenges in advancing its divestment program.

The injunction granted by the minister in the case of TAG responded to a request from labor unions of Petrobras workers from the states of São Paulo, Bahia, Paraná, and Santa Catarina.

See also! Engie Reaffirms Its Interest in TAG After STF Injunction. Despite Minister Edson Fachin’s decision to suspend the sale of TAG to the consortium led by Engie, the French company maintains its schedule of meetings with Petrobras employees working at TAG, at the company’s headquarters in Rio de Janeiro.

Court Suspends Sale of Petrobras Fertilizer Plants

New Setback for Petrobras This Time Came from the Justice of Rio de Janeiro, Which Suspended the Sale of the Araucária Nitrogenados Factories, Ansa and Its Nitrogen Fertilizer Unit III, UFN-III.

What Petrobras Says

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Court Suspends Sale of Petrobras Fertilizer Plants

New Setback for Petrobras This Time Came from the Justice of Rio de Janeiro, Which Suspended the Sale of the Araucária Nitrogenados Factories, Ansa and Its Nitrogen Fertilizer Unit III, UFN-III.

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