Petrobras Cleared to Proceed With Asset Sales

16 Mar 2017   Brazil

Brazil’s federal auditing court overturned a preliminary ruling Wednesday that had frozen asset sales by Petróleo Brasileiro SA since December, removing a major roadblock to the state-run oil company’s plan to reduce its massive debt load. The court, known as the TCU, said in a statement late Wednesday that Petrobras had presented documentation showing that “risks” in the company’s divestment program had been…

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