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Voting on Petrobras refineries privatisation postponed

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Hydrocarbon Engineering,

As reported by Reuters, Brazilian Chief Justice Luiz Fux on Tuesday postponed voting on the sale of Petrobras' refineries without setting a new deadline.

Initially, the Supreme Court had until Friday to rule on the matter.

Three justices on Brazil’s Supreme Court have voted against the sale of the refineries, in a setback for Petrobras, which is counting on asset sales to reduce its debt.

Despite these three votes against the privatisations, XP Inc’s analyst Debora Santos said in a note to clients that the Supreme Court is likely to support the assets sale, adding that last year most justices had adopted a more flexible position regarding privatisation of state-controlled companies’ assets.

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