Superior Court of Justice upholds suspension of Parente's street fair in the Campos Basin.

Brazil's Superior Court of Justice (STJ) denied Petrobras' request and upheld the decision of the Federal Regional Court of the 5th Region that suspended the sale process of its stake in the Baúna and Tartaruga Verde fields in the Campos Basin (Rio de Janeiro). The acting president of the STJ, Minister Humberto Martins, confirmed the understanding of the TRF5 that "adapting the rules of the procurement regime for goods and services is not sufficient to justify the procedure without bidding."

January 25, 2017, 10:31 AMUpdated June 29, 2018, 10:30 pm

The Superior Court of Justice (STJ) denied Petrobras' request and upheld the decision of the Federal Regional Court of the 5th Region that suspended the sale process of its stake in the Baúna and Tartaruga Verde fields, in the Campos Basin (RJ); the acting president of the STJ, Minister Humberto Martins, confirmed the understanding of the TRF5, that "the adaptation of rules of the regime for the acquisition of goods and services is not sufficient to justify the procedure without bidding" (Photo: Aquiles Lins)

RIO DE JANEIRO (Reuters) - Brazil's Superior Court of Justice (STJ) has denied a request from Petrobras and upheld a decision by the Federal Regional Court of the 5th Region that suspended the sale process of its stake in the Baúna and Tartaruga Verde oil fields, the agency reported on Tuesday.

The company was negotiating with the Australian company Karoon Gas Australia the sale of 100 percent of the Baúna field, located in shallow water in the post-salt layer of the Santos Basin, and 50 percent of Tartaruga Verde, in the post-salt layer of the Campos Basin, in deep water.

In recent statements, Petrobras affirmed that negotiations with Karoon were already at an advanced stage and cited the suspension of the deal as the reason why it did not meet its divestment target for the 2015-2016 period.

The suspension was triggered by a class-action lawsuit filed against Petrobras and the National Agency of Petroleum, Natural Gas and Biofuels (ANP), which alleges that the company is conducting the business without a bidding process.

Responsible for the decision announced this Tuesday, the acting president of the STJ (Superior Court of Justice), Minister Humberto Martins, rejected the arguments presented by the state-owned company to suspend the effects of the injunction granted by the 1st Federal Court of Sergipe and confirmed by the Regional Federal Court of the 5th Region (TRF5).

"The judge found that the presence of the ANP (National Agency of Petroleum, Natural Gas and Biofuels) in the case attracts the jurisdiction of the federal court to analyze the claim," the STJ (Superior Court of Justice) stated in a note.

According to the STJ (Superior Court of Justice) statement, the judge "ratified the understanding of the TRF5 (Regional Federal Court of the 5th Region) that adapting the rules of the procurement regime for goods and services is not sufficient to justify a procedure without bidding."

With this decision, negotiations remain suspended until the competent court analyzes the merits of the popular action request.

(By Marta Nogueira)