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Divestment Plan

Decision on sale of subsidiaries pleases the president of Petrobras and the minister of MME

06/07/2019 | 21h48
Decision on sale of subsidiaries pleases the president of Petrobras and the minister of MME
Roberto Castello Branco, CEO Petrobras Roberto Castello Branco, CEO Petrobras

The president of Petrobras, Roberto Castello Branco (photo), considered "splendid" the decision of the Federal Supreme Court (STF) to release the sale of the control of the subsidiaries of public companies and mixed capital companies, without legislative approval or process of bidding.


Castello Branco said the decision, taken by the STF on Thursday (6), shows that the country's institutions are strong and work to ensure compliance with the law. "The STF approved yesterday what was expected, and this, without a doubt, is a victory for Brazil, not just Petrobras. It shows that Brazil has a friendly environment for the realization of investment, either by Brazilian investors or by other countries. "


He emphasized that the decision is very important for Petrobras, because proceeds from the sale of assets will be used to reduce debts and to strengthen investments in oil and gas.


Castello Branco pointed out that oil production at Petrobras has stagnated in the last 10 years, although the company has highly qualified human capital, technology and world-class assets. "Instead of investing in the expansion of oil and gas production, we have wasted money on billions of projects that have not added anything but losses, selling illusions about creating thousands of jobs, which have turned out to be temporary, causing enormous damage to the country," he said.


According to the president of Petrobras, the sales of subsidiaries do not mean privatization, nor dismantling of the company. "We are not promoting any dismantling of Petrobras. On the contrary, we are strengthening it in its main function, which is the production of oil and gas, taking advantage of what we have the best, taking advantage of a very important natural wealth of our country. "


He said that it is already announced the sale of Liquigás, which operates in the distribution of liquefied petroleum gas.


The Minister of Mines and Energy, Bento Albuquerque, also considered the decision of the Supreme STF for the country. "On other occasions, I said that we were waiting with tranquility for this decision of the STF, which will be fundamental for the development of the country. More than that, it is legal security for investors. And also predictability, something that we have worked hard in the ministry, organizing the auctions, "said the minister.


As a result, Petrobras and other companies will be able to divest and reinvest in what they think is best for their business portfolio, Albuquerque added.


The minister stressed that the country is opening the market for fuels and gas and said that the model for the new gas market will be presented in the Chamber of Deputies later this month. "The CNPE [National Energy Policy Council] gave 60 days to the working group. This work is already being finalized and should be presented at the end of June in the Mines and Energy Commission of the Chamber of Deputies and later in the Senate Infrastructure Committee. "


On Friday (7), Minister Bento Albuquerque and the president of Petrobras spoke to the press after attending the launch ceremony of the Integrated Pipeline Protection Program (Pro-Pipelines) to prevent theft of fuel in the pipeline network of Transpetro. The ceremony was held in the morning at the Petrobras headquarters building in central Rio de Janeiro.

Font: T&B Petroleum/Agência Brasil
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