Brazil judge temporarily allows Petrobras to continue divestment program

Brazil judge temporarily allows Petrobras to continue divestment program

Reuters  | Jan 12, 2019 12:50PM ET

Brazil judge temporarily allows Petrobras to continue divestment program

SAO PAULO (Reuters) - The chief justice of Brazil's Supreme Court has restored a presidential decree regulating how state-controlled Petroleo Brasileiro SA (SA:PETR4) can carry out an ambitious divestment program meant to reduce the company's significant debt.

Judge Dias Toffoli's decision, signed on Friday, overturned an injunction issued by a colleague last month. Toffoli's ruling should hold until Feb. 27, when the full Supreme Court will hear the case.

The December injunction, following a lawsuit filed by the opposition Workers Party, raised doubts about the ability of Petrobras, as the company is known, to carry out the divestments as planned.

© Reuters. Brazil's state-run Petrobras oil company headquarters is pictured in Rio de Janeiro

Petrobras is planning asset sales of $26.9 billion over the next five years, according to a strategic outlook released late last year.

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