A Brazilian court has allowed Brazilian state-owned oil and gas company Petrobras to proceed with the sale of its 90% stake in Nova Transportadora do Sudeste (NTS), its gas distribution subsidiary in southern Brazil.
NTS operates around 2,050 km of gas distribution networks in the most populated and industrialised states in Brazil. In September 2016, debt-laden Petrobras agreed to sell NTS to Brookfield Infrastructure Partners, CIC Capital Corp. and GIC Private but the sale process was halted by a Brazilian federal court in February 2017, due to discrepancies in the way Petrobras proceeded with the sale. That ruling was lifted in March 2017 and the new ruling has upheld the March 2017 decision, paving the way for the sale of NTS.
In addition, another Brazilian court has suspended until 11 September 2016 an earlier decision barring the sale of Petrobras' Três Lagoas fertilizer unit.