Three justices on Brazil’s Supreme Court have voted against Petrobras’ plan to sell refineries. Justice Edson Fachin became the first to vote against the privatization program on Friday, followed by fellow justices Ricardo Lewandowski and Marco Aurélio Mello on Monday. The vote followed Brazilian Congress’ request to the court to suspend the transaction. The Supreme Court will have to rule on the matter until Friday’s deadline, with nine other justices having yet to vote.
State-owned Petroleo Brasileiro SA is in exclusive talks with Abu Dhabi state investor Mubadala Investment Co. on the divestment of its Rlam refinery in Bahia. Fuel company Ultrapar Participacoes China’s Sinopec, and Raizen, a joint venture between Shell and Brazil’s Cosan are reportedly attracted to acquire Petrobras’ Repar refinery in Parana. Despite the vote, Petrobras on Monday said it would open a new round of offers for the Repar facility.
