FUP plans to bring court case against Petrobras for selling TAG

Brazil’s oil worker federation, FUP, says it will contest the recent sale of a 90% shareholding in Transportadora Associada de Gás SA (TAG) by Petrobras in the Brazilian justice system. A consortium led by France’s Engie SA won the auction with a bid of US$8.6bn, according to DatamarNews.

FUP, which combines a total of 13 different oil worker unions, argued that Justice Ricardo Lewandowski said on July 3 2018 that Petrobras’ planned divestment of its 90% stake in TAG and sale of several refineries and a fertilizer factory could not proceed without congressional approval.

In other Petrobras news, the company has published new rules for companies that intend to bid for its subsiduary Liquigas Distribuidora in the hope of attracting more companies to participate in the auction. Under the new changes, rivals with more than 10% market share in the Brazilian LPG distribution market cannot have a stake in the consortium that exceeds 30% of Liquigas’ revenue. The previous rules stated a stake that exceeds 40% of the revenue.

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