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Petrobras to evaluate Supreme Court decision on suspension of TAG sale

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Petrobras to evaluate Supreme Court decision on suspension of TAG sale

Brazilian state-controlled Petróleo Brasileiro SA disclosed May 27 that it will evaluate the decision of Supreme Court Judge Edson Fachin on an injunction suspending the sale of its 90% stake in its subsidiary Transportadora Associada de Gás SA, or TAG.

Petróleo Brasileiro, or Petrobras, said it has not yet been summoned for the injunction and it will "act appropriately" in behalf of its investors and its own interests, according to a news release from the company.

The decision, which was issued on May 24, also called for the suspension of the sale of eight of Petrobras' refineries and the Araucaria Nitrogenos fertilizer unit, according to a May 27 report from Reuters.

The stake in the TAG pipeline unit would be sold for $8.6 billion to a consortium led by France's Engie SA, while the refineries could bring in $15 billion, the report said.