September 12, 2018 / 9:30 PM / 12 days ago

Argentine investors in Brazil's Petrobras file for arbitration

SAO PAULO (Reuters) - Argentine investors in Brazilian state-run oil company Petroleo Brasileiro SA have initiated an arbitration proceeding against the firm for losses related to Brazil’s sprawling Lava Jato corruption probe, the firm said.

FILE PHOTO: The logo of Brazil's state-run oil company Petrobras is pictured in the company headquarters in Sao Paulo, Brazil February 20, 2018. REUTERS/Paulo Whitaker/File Photo

In a Wednesday securities filing, Petrobras, as the firm is commonly known, said the arbitration will be hosted by Argentina’s Buenos Aires Stock Exchange.

Petrobras said it believed the arbitration claim was “groundless” and that it would “not generate immediate financial or economic impacts” for the company.

Reporting by Gram Slattery; Editing by Lisa Shumaker

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