Brazil blocks Petrobas sale of Ansa

petrobras

Brazil’s state-owned oil company, Petróleo Brasileiro S.A or Petrobras, said it has received a court summons to stop the sale of Araucária Nitrogenados SA, Ansa and Nitrogen Fertilizer Unit III.

Petrobras in its bid to cut its debt by close to $8.1 billion had put in motion several divestments.

The oil giant said a Federal Court of Rio de Janeiro granted an injunction ordering the suspension of the sale of 100% of its stake in Ansa.

Petrobras said it will take appropriate action on behalf of its investors and its own interests.

“The company reinforces the importance of divestments through portfolio management to reduce its level of indebtedness and generate value, in line with its 2019-2023 Business and Management Plan and Resilience Plan,” the statement said.

There are several suspension of divestments from various Brazilian courts restricting Petrobras from some of its divestments.