Brazil judge temporarily allows Petrobras to continue divestment programme

SAO PAULO: The chief justice of Brazil’s Supreme Court has restored a presidential decree regulating how state-controlled Petroleo Brasileiro SA can carry out an ambitious divestment programme meant to reduce the company’s significant debt.

Judge Dias Toffoli’s decision, signed on Friday, overturned an injunction issued by a colleague last month.

Toffoli’s ruling should hold until February 27, when the full Supreme Court will hear the case.

The December injunction, following a lawsuit filed by the opposition Workers Party, raised doubts about the ability of Petrobras, as the company is known, to carry out the divestments as planned. — Reuters

A police officer talks to the driver of a fuel truck as it leaves a distribution centre in Mexico City, Mexico. — Reuters photo