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Justice suspends sale of Petrobras fertilizer factories

Written by Renato Oliveira
Published 30/05/2019 às 13:39

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Rio court suspends sale
Another defeat of Petrobras in court

Another setback for Petrobras this time was for the court of Rio de Janeiro which suspended the sale of the Araucária Nitrogenados factories, Ansa and its Nitrogen Fertilizers Unit III, UFN-III.

Another defeat by Petrobras before the judiciary has just taken place, the Federal Court of Rio de Janeiro, in response to a class action, granted an injunction suspending the sale of 100% of its shareholding in Araucária Nitrogenados SA (Ansa) and its Fertilizer Unit Nitrogenated III (UFN-III).

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

What does Petrobras say

Petrobras responded in an official note that it will safeguard its rights, "Petrobras will take the appropriate measures in favor of its interests and those of its investors", said the note.

The defeats may not stop there, tomorrow (31/05) is scheduled for the judgment, in the STF plenary, of two more injunctions that prevent the sale of the company's assets, thus disturbing its disinvestment schedule.

By stating that the STF will play its part, the minister clearly demonstrates that Petrobras will have problems moving forward with its divestment program.

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

See too ! Engie reaffirms its interest in TAG after an injunction by the STF. 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 who work at TAG, at the company's headquarters in Rio de Janeiro.

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Renato Oliveira

Production Engineer with a postgraduate degree in Manufacturing and assembly of pipelines with 30 years of experience in inspection/manufacturing/assembly of pipelines/tests/Planning and PCP and commissioning in shipbuilding/offshore (conversion of FPSO's hulls and topsides modules) in the largest national shipyards and 2 years in a Japanese shipyard (Kawasaki) inspecting and accompanying fabrication and assembly techniques of structures/pipes/outfittings (advanced finishing) for hull from Drillships.

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