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Three Brazilian justices vote against Petrobras refinery privatizations

Published 09/21/2020, 05:14 PM
Updated 09/21/2020, 05:15 PM
© Reuters. FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro
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By Ricardo Brito

BRASILIA (Reuters) - Three justices on Brazil's Supreme Court have voted against allowing state-owned oil company Petrobras (SA:PETR4) to go ahead with the planned sale of eight refineries, according to the court's website.

Justices Marco Aurélio Mello and Ricardo Lewandowski voted to stop the privatizations, according to the court's website on Monday, after justice Edson Fachin similarly voted against it on Friday. Brazil's Congress had requested that the court suspend the transactions.

The Supreme Court has until Friday to rule on the matter, with the other nine justices yet to cast their votes.

Petroleo Brasileiro SA, as Petrobras is formally known, is in talks to sell refineries in Bahia and Parana states as part of an overall divestment plan that aims to sell eight refineries.

© Reuters. FILE PHOTO: A logo of Brazil's state-run Petrobras oil company is seen at their headquarters in Rio de Janeiro

The company is in exclusive talks to sell the Rlam refinery in Bahia to Abu Dhabi state investor Mubadala Investment Co. Petrobras' bid to sell its Repar facility in Parana has attracted interest from Raizen, a joint venture between Royal Dutch Shell (L:RDSa) and Brazil's Cosan (SA:CSAN3), as well as fuel company Ultrapar Participacoes (SA:UGPA3).

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