Brazil Supreme Court Confirms Petrobras Refinery Sales without Congressional Approval

The decision is a victory for the government, which intends to sell eight of the state-owned company's 13 refineries; sale proceeds may reach R$83.6 billion according to XP Investments calculations.

RIO DE JANEIRO, BRAZIL - By six votes to four, the Federal Supreme Court (STF) on Thursday, October 1st, cleared Petrobras' plan to sell refinery subsidiaries without specific Congressional authorization. The decision is a victory for the government and for the state-owned company's . . .

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