& Tobago

Very usefull links


News links




Dow Jones

Oil price



Views and News




Eletrobras sells unit at auction, assumes $3.3 bln debt



By Reuters

Petroleumworld 12 11 2018

Brazilian state-controlled power company Eletrobras on Monday sold its power distribution subsidiary Amazonas Energia at an auction, but said it will assume 13 billion reais ($3.33 billion) in debt before passing it on to the new owner.

Brazilian consortium Oliveira Energia-Atem, who had already bought another power distribution company from Eletrobras in a previous auction, was the sole bidder and winner at the auction. It paid a symbolic amount of 50,000 reais and will assume 2.2 billion reais in debt.

The auction's result, however, could not be validated yet because a Brazilian judge decided to suspend the process until a labour court rules on a request by a union representing Amazonas Energia workers.

The union said that studies regarding the impact of the privatization on the company's employees should have been made before the auction.

Eletrobras CEO Wilson Ferreira Jr said after the auction at Sao Paulo's B3 exchange that the company will appeal the ruling. Eletrobras sees the sale as part of a broader divestment program that seeks to dispose of non-core assets and cut debt.

Eletrobras, or Centrais Elétricas Brasileiras SA, is Brazil's largest power group. The government had plans to sell its controlling stake in the conglomerate, but necessary legislation to allow the operation was never approved.

Brazil will have a new federal administration starting on Jan. 1. Right-wing president-elect Jair Bolsonaro has advocated boosting privatizations.

$1 = 3.9074 reais


We invite you to join us as a sponsor. Circulated Videos, Articles, Opinions and Reports which carry your name and brand are used to target Entrepreneurs through our site, promoting your organization’s services. The opportunity is to insert in our stories pages short attention-grabbing videos, or to publish your own feature stories.

Hit your target - Advertise with us

PW 300.000 plus request per week

Reporting by Luciano Costa and Marcelo Teixeira; editing by Grant McCool from Reuters.

12 10 2018

Copyright© 1999-2018 Petroleumworld or respective author or news agency. All rights reserved.

We welcome the use of Petroleumworld™ (PW) stories by anyone provided it mentions Petroleumworld.com as the source.

Other stories you have to get authorization by its authors. Internet web links to http://www.petroleumworld.com are appreciated.

Petroleumworld welcomes your feedback and comments, share your thoughts on this article, your feedback is important to us!

We invite all our readers to share with us
their views and comments about this article.
Write to editor@petroleumworld.com

By using this link, you agree to allow PW
to publish your comments on our letters page.

Any question or suggestions,
please write to: editor@petroleumworld.com

Best Viewed with IE 5.01+ Windows NT 4.0, '95,
'98,ME,XP, Vista, Windows 7,8,10 +/ 800x600 pixels

Twitter: @petroleumworld1



Contact: editor@petroleumworld.com,

Editor & Publisher:Elio Ohep/
Contact Email: editor@petroleumworld.com

CopyRight © 1999-2016, Paul Ohep F. - All Rights Reserved. Legal Information

PW in Top 100 Energy Sites

CopyRight©1999-2017, Petroleumworld   / Elio Ohep - All rights reservedThis site is a public free site and it contains copyrighted material the use of which has not always been specifically authorized by the copyright owner.We are making such material available in our efforts to advance understanding of business, environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have chosen to view the included information for research, information, and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond 'fair use', you must obtain permission fromPetroleumworld or the copyright owner of the material.