The payment marks the end of a series of disputes arising from a joint venture between the two companies involving a Texas, refinery.
The dispute began in 2008 when Astra exercised its right to ‘put’ its 50 per cent interest in the refinery to Petrobras. Petrobras refused to accept the exercise of the ‘puts’, challenged the amount due for Astra’s 50 per cent interest, and disputed whether it was obliged to indemnify Astra for a $156 million payment it had made on behalf of a related trading partnership.
The Pittsburgh-based firm’s team was led by New York commercial disputes partner Gerald Novack, working with Dallas commercial disputes partner Beth Petronio.