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Favorable ruling allows Brazil port auction to go ahead

Bnamericas Published: Thursday, March 21, 2019
Favorable ruling allows Brazil port auction to go ahead

Brazil's government confirmed an auction of four port terminals for Friday, after a lawsuit by a competitor challenging certain auction rules was suspended .

Three terminals at Cabedelo port in Paraíba state are on offer and one at Vitória port, in Espirito Santo.

Combined, the terminals will require a 199mn-real (US$52.3mn) investment. All are used for fuel transport and storage.

Fuel distribution company Raízen Combustiveis asked a local court to suspend the auction, alleging that the notice for Cabedelo port benefits BR Distribuidora and Transpetro, two subsidiaries of state-run oil company Petrobras.

An appeal court ruled the complaint was without merit and authorized the auction for Friday.

The auction will take place on the São Paulo stock exchange and the minimum grant will be at the symbolic value of one real.

In Cabadelo port, the three areas that will be awarded are classified as brownfield areas marked for operational improvements with more modern and efficient contracts. The 25-year concession will require a 71mn-real investment.

The 25-year concession for the Vitória terminal demands a 128mn-real investment.

The auctions are part of the government's push for concessions and privatizations.

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