A court brazilian freeze a transaction between Petrobras and Total

Curbing the ambitions of the Total in Brazil. A court loacal has temporarily frozen Monday sale by Petroleo Brasileiro (Petrobras), a giant French of a 50% stake in the operator of power plants TermoBahia to the result of a complaint. Petrobras clarifies that it has not been informed of the decision of the federal court in the State of Sergipe. The latter had already in the past interrupted a series of disposals and partnerships undertaken by Petrobras to reduce its debt and optimize its investments. The preferred share of Petrobras, the more processed, has lost 1.9% 13,34 reals on Monday.

Strategic Alliance for Total in Brazil

This assignment was recorded in an agreement of 2.2 billion dollars, signed in December and who devoted a strategic alliance between Total and Petrobras. It focused as much on the exploration (upstream) and downstream (production) and covers the operations, research, and technology. He intervened while the giant brazilian, faced with a massive debt related to the consequences of a vast corruption scandal financial policy and falling oil prices, has recently announced the reduction to 25% of its investments over the period 2017-2021.

Total and Petrobras are already set to 15 international consortia in the exploration and production, including 9 in Brazil. The French group is present in Brazil for more than 40 years, where it employs more than 2,500 people in five subsidiaries.

(With Reuters)

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