Petrobras turns to Brazil's Supreme Court to free divestment plan

|About: Petrobras - Petroleo Brasil... (PBR)|By:, SA News Editor

Petrobras (PBR +0.4%) is asking Brazil's Supreme Court to lift an injunction obtained by an oil workers' union that froze sales of its assets, including its fuels distribution unit.

Brazil's federal audit court last Wednesday allowed PBR to proceed with its divestment program, but required the company to restart the processes in all but two projects, but a regional oil workers union said its injunction obtained in the state of Sergipe remained in effect.

Separately, PBR says it will raise prices for liquefied petroleum gas by 9.8% in the Brazilian market.