Petrobras could face lawsuits for breach of contract after the company halted planned asset sales at the request of Brazilian leftist President Luiz Inacio Lula da Silva's government, specialist lawyers said on Friday.
The lawyer also explained that sale processes already signed but not concluded are not under the control of the oil company. There are clauses in the contract that must be fulfilled by all parties involved, Calmon said.Giovani Loss, a partner specializing in oil and gas at law firm Mattos Filho, also flagged the "potential for lawsuits against Petrobras for intentionally canceling signed transactions.
"Suspending the sales for political reasons leads to a discussion about breach of contract," he added, but noted that he could not "remember a similar situation in Brazil."for $1.38 billion and the sale of the Norte Capixaba cluster to Seacrest for up to $544 million.and Grepar, which also have contracts to buy assets from Petrobras - did not immediately respond to requests for comment. 3R Petroleum declined to comment.
The sale halt marks a major shift from the stance taken by former President Jair Bolsonaro's administration, which oversaw a number of Petrobras assets sales, including oilfields and refineries. "To be honest, what happened didn't surprise me because the Workers Party in its government program said that it was going to do exactly that, that it was going to cancel ," said Paulo Valois, partner at Schmidt Valois Advogados.
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