Petrobras Says Brazilian Antitrust Authority Agrees to Loosen Asset Sale Rules (NYSE:PBR)

Petrobras (NYSE:PBR) announced on Wednesday that the Brazilian antitrust authority Cade has approved new terms of the agreement, which will exempt the company from selling part of its assets related to oil refining and natural gas; shares are suspended.

Petrobras (PBR) said filing for Brazilian securities that the new terms of the agreement, which was originally signed in 2019, have been approved by the regulator’s board.

Petrobras (PBR) said the change would allow it to retain control of five oil refineries as well as Transportadora Brasileira Gasoduto Bolivia-Brasil, the operator of a gas pipeline connecting Bolivia with southern Brazil.

The company said it faced obstacles in complying with the terms of a 2019 deal that included the sale of eight refineries.