Brazilian Court Upholds Injunction On Sale Of Petrobras Oilfields

Reuters

RIO DE JANEIRO, Dec 20 (Reuters) - A Brazilian federal court has rejected an appeal by Petroleo Brasileiro SA to allow the state-controlled oil company to proceed with the sale of two oilfields to Karoon Gas Australia.

The court's decision to uphold a Nov. 19 injunction on the sale of the Baúna and Tartaruga Verde fields was made public on Monday and confirmed on Tuesday by a Petrobras employees union that sued to block the transaction as well as by Karoon.

In a statement on Tuesday, Karoon said the legal process could only proceed in February 2017 after the court's recess ended.

Petrobras said in October it was in talks with Karoon to sell the oilfields. An injunction on Nov. 19 suspended the negotiations, prompting Petrobras to appeal two days later.

(Reporting by Marta Nogueira; Writing by Tatiana Bautzer; Editing by Paul Simao)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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