Exclusive-Unigel demands Petrobras pay for losses on Brazil fertilizer plants, letter shows [Yahoo! Finance]
Petroleo Brasileiro S.A.- Petrobras American Depositary Shares (PBR.A)
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Source: Yahoo! Finance
Petrobras for losses on two leased fertilizer plants, a legal letter seen by Reuters showed, marking another setback in negotiations to reopen the plants. The two plants, a key part of President Luiz Inacio Lula da Silva's plan to ease Brazil's dependency on imported fertilizer, have halted operations since the second half of last year. In December, the two firms inked a "tolling" contract in which Petrobras would supply natural gas in return for fertilizer, letting Unigel restart production without concern about fuel prices. The deal fell through in June without taking effect after Brazil's federal audit court (TCU) said it could cause a loss of 487 million reais ($87 million) to Petrobras. In the previously unreported letter from Unigel lawyers, dated June 20, the chemical firm complained that the deal had made its financial situation even more critical. "The delay in implementing the Tolling Contract is resulting in significant losses" to Unigel, the lawyers told Petrobras
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