Home Business Stalled Sale of Petrobras Refineries Waits To Bolsonaro

Stalled Sale of Petrobras Refineries Waits To Bolsonaro

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Petrobras management has admitted on Tuesday (6) that it will be difficult to complete negotiations in 2018 for the sale of shares in refineries and pipelines in the Northeast, pushing for the Jair Bolsonaro government the decision on the main processes of its plan of a sale of active.

The talks have been suspended since early July, in response to the injunction of Supreme Minister Ricardo Lewandowski, who conditioned the sale of state control to congressional approval.

Petrobras says it is still trying to overturn the injunction but acknowledges that it will reach the end of the year without signing contracts related to operations. Without them, it expects to raise only a third of the $ 21 billion projected by its divestment plan for the 2018/2019 biennium.

Still is not clear the position of Bolsonaro on the subject. The president-elect and his team have already spoken of privatizing refineries and gas infrastructures but did not detail how it would be done. Wanted, energy team consultants from the transition team did not express themselves.

The negotiation of the pipeline network in the Northeast is more advanced: in May, Petrobras gave exclusivity to the French company Engie to formulate a proposal for 90% of the assets.

In the case of the refineries, the state-owned company started in April to sell 60% of two refining centers, each with two refineries, pipelines and storage terminals for oil and oil products. The process had not yet reached the stage of bilateral negotiations when it was suspended.

The market expectation is that Bolsonaro will review the sales model, with the offer of larger slices or even entire refineries, on the grounds of encouraging competition in the fuel market.

Since the beginning of 2017, Petrobras has closed asset sales contracts worth US $ 5 billion (R $ 19 billion), including oil fields in Brazil and abroad, petrochemicals and the ethanol and sugar producer São Martinho.

The company expects to close another $ 2.5 billion by the end of the year – it is in negotiations for oil fields in Brazil and the Pasadena refinery in the USA. Resources have been used by the state to reduce its indebtedness.