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Petrobras Decision to Sell 34 Terrestrial Fields is Suspended for a Preliminary Injunction

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Petrobras ‘Board of Directors’ decision to approve the sale of 34 offshore oil fields in Rio Grande do Norte was suspended by a labor court injunction on Friday.

The fields had been negotiated with Brazil’s 3R Petroleum for US $ 453.1 million, and the contract was expected to be signed on Friday, when oil was to be paid 7.5 percent of the total amount, with the remainder scheduled for the closing date of the transaction.

The move follows action brought by labor unions, which claim that the meeting of the Council that approved the deal did not count on the participation of the employee representative in the collegiate.

Labor judge Carlito Antonio da Cruz also ordered the provisional suspension of the signing of the contract for the assignment of the fields for at least 90 days.

He also decided that Petrobras should refrain from convening a new board meeting on the business, “unless it guarantees the effective participation of the employee representative.”

“The court decision gives workers the importance of their participation in the company’s deliberations and decision-making,” lawyers Ramon Koelle, Felipe Vasconcellos and Rodrigo Salgado, of the Garcez Law Firm, who represented the unions in the process, told Reuters in a statement.