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Petrobras halts several asset sales after court decision

Petroleo Brasileiro SA, or Petrobras, has halted some of its asset sales after a court decision that all privatizations must be approved by Brazil's legislators, the company said in a July 3 filing.

Petrobras has decided to stop the sale of several of its refineries, gas pipeline company Transportadora Associada de Gas and its Araucaria fertilizer factory.

"Petrobras is evaluating appropriate measures for its interests and the interest of its investors," the company said in the filing.

In a bid to reduce its massive debt, Petrobras had intended to sell off about US$21 billion in assets by the end of this year.