LatinNews Daily - 02 October 2020

* Brazil’s supreme court (STF) has ruled that state-owned oil company Petrobras is allowed to sell off its refineries without seeking prior permission from the legislature. The boards of the senate and the chamber of deputies had filed a request for an injunction in August, arguing that Petrobras had transformed its refineries into subsidiaries with the sole aim of then selling them off without needing the approval of congress (an STF ruling last year authorised the sale of subsidiaries of state companies without congressional approval). But a majority in the STF rejected the legislature’s request for an injunction, determining that the sale of the refineries was part of a legitimate divestment plan put together by the company to meet its economic needs. Petrobras is in the process of selling eight of its 13 refineries, for which it hopes to receive around US$8bn.

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