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.