Petrobras received permission from the court to sell assets


Brazilian state-owned oil and gas company Petrobas will resume the sale of assets after the approval of the Brazilian Supreme Court, according to a press release. The executive board will open the sale of a 90% stake in Transportadora Associada de Gas and all shares of Araucaria Nitrogenados. Brazil’s High Court has already given temporary permission to sell assets. On January 27, a plenary meeting is held, which will decide the future fate of the company. Petrobas was embroiled in a corruption scandal that caused a large debt, sales, and then freeze of assets. According to a court order in July, the sale of shares of state-owned companies is subject to the mandatory approval of the Brazilian congress. The company plans to reduce debt by 2023 by selling assets worth $26.9 billion.

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