Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

Written by Flavia Marinho

Published on 29/12/2020 at 10:07

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In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. Petrobras had already stated that it would sell its participation in the company

Petrobras informed last night that it has initiated an arbitration request with a compensation claim against Odebrecht, estimated at approximately 800 million reais. Petrobras’ gas assets and power generation plants are part of Eneva’s investment plans for 2021

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According to the market report, Petrobras claims violation of the terms of the shareholders’ agreement regarding Braskem. The petrochemical company Braskem is not part of said arbitration, which is protected by confidentiality, the statement explained.

In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. The news came through a document sent to the Securities and Exchange Commission (CVM).

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Recently, Odebrecht Lost Control of Atvos in Court, One of the Largest Ethanol Producers in Brazil

After a judicial battle, the court granted approval to Lone Star and Castlelake funds to take control of Atvos, one of the largest ethanol producers in Brazil. Atvos was under judicial recovery.

On November 26, the São Paulo Court of Justice (TJ-SP) made a favorable decision to the American fund, guaranteeing the transfer of shares acquired by Lone Star, which, according to the fund, will give the right to control of the sugar-energy company Atvos, belonging to the Odebrecht group.

The denied appeal guarantees the validity of the sale of shares to Natixis bank for US$ 5 million. Thus, Odebrecht must deliver the corporate records so that the transfer of shares can be registered and the fund can definitively assume control of Atvos.

Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. Petrobras had already stated that it would sell its participation in the company

Read Also

Recently, Odebrecht Lost Control of Atvos in Court, One of the Largest Ethanol Producers in Brazil

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Petrobras Initiates Arbitration Against Odebrecht for R$ 800 Million Related to Braskem Petrochemical

In August of this year, Odebrecht announced that it would sell its entire stake in Braskem. Petrobras had already stated that it would sell its participation in the company

Read Also

Recently, Odebrecht Lost Control of Atvos in Court, One of the Largest Ethanol Producers in Brazil

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A British company has installed in the middle of the ocean the world’s first floating platform that generates electricity 24 hours a day from the temperature difference between the surface and the depths of the Atlantic, without relying on wind or sun.

China is building an artificial island in the middle of the sea, covering 20 km², to construct the largest offshore airport in the world, the Dalian Jinzhouwan. This $4.3 billion project is anchored on more than 3,000 pillars embedded in the rock beneath the ocean and is scheduled to open in 2035.

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