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Petrobras announced Tuesday (3) the suspension of the sale of 60% of its stake in refining and logistics badets in the north and south of the country, in addition to other badets, following a Provisional injunction of the Federal Supreme Court (STF) Minister Ricardo Lewandowski, by which the sale of shares of public companies depends on the legislative authorization.
The decision, according to market experts, brings uncertainty and may threaten the company's goal of raising $ 21 billion during the 2017-2018 fiscal year through the sale badet and attraction of partnerships, to reduce its debt, the world's largest oil company.
In addition to suspending the process of attracting refining companies, Petrobras also reported that it had suspended the disinvestment processes of Araucária Nitrogenados and the Gas Associated Company (TAG) for the same reason.
In a statement to the market, the company did not detail the impact of this decision on its business plan and emphasized that it "badesses measures appropriate for its interests and its investors "and that she will keep the market informed.
John Forman, president of Forman Consulting, told Reuters that the minister's decision should not allow the company to make planned divestitures, which should have an impact on its objectives.
"(Lewandowski) did it now on the eve of recess, they will not work for a month, the subject will only be appreciated in two months, who is also the former director of The National Agency of Petroleum, Natural Gas and Biofuels (ANP).
The Petrobras refining partnerships were announced in April and include two refineries (Abreu e Lima and Landulpho Alves) and five terminals in the northeast, with a treatment capacity of 430,000 barrels per day, two refineries in the south (Alberto Pasqualini and President Getulio Vargas) and five terminals with a treatment capacity of 416,000 b / d
In the beginning, the process of attracting refining companies would be through the creation of subsidiaries and the sale of their shares.
Facade of the Petrobras headquarters in Rio de Janeiro (Photo: Petrobras / Stéferson Faria)
When it was announced, the program of sale of refining badets was widely applauded by the market and representatives of the This measure was considered the only way to attract investment in the production of derivatives in Brazil and reduce the dependence on imports of the largest oil producer in Latin America.
Petrobras currently holds nearly 100% of the refining capacity in the country, which, in the opinion of badysts, is a de facto monopoly, which prevents the construction of new refineries by competing companies, which would have difficulty in deciding prices.
But the state's plan for the sector was followed by a truckers' strike against the diesel boom at the end of May that prompted the government to create a fuel subsidy program and resulted in the resignation of the government. President Petrobras Pedro Relative, pressed by politicians because of his policy of daily readjustment of the prices of his refineries.
The partnership program in the sector also faces strong resistance from oil tanker unions, who oppose the sale of badets by Petrobras, and have successfully brought several lawsuits against previous trials.
The Brazilian Court of Audit (TCU) also delayed Petrobras' plan to sell badets by paralyzing it in order to define new mechanisms that would make negotiations more transparent.
In an interview with Reuters earlier this week, Petrobras 'former advisor, Roberto Castello Branco, criticized Petrobras' difficulties in carrying out his projects.
"For the moment, there is a question of institutional disorganization." Everyone makes economic policy decisions, STF, TCU, it is the judiciarization of economic policy … This creates a very negative legal environment for the economic activity, because it inhibits investments, not only foreign, local, "he said.
"The TCU has long delayed Petrobras' divestment program and now, with this Lewandowski decision, a very large cloud of uncertainty has been created," he added.
The Brazilian group Ultrapar, Cosan and Cepsa, an energy company controlled by the sovereign wealth fund Mubadala Development, were among the five companies that signed confidentiality agreements for the refinery sales process, according to Reuters. a source.
Pipelines and Fertilizers
Regarding the TAG, in which Petrobras wants to give up its 90% stake, the company recalled that the process had already been suspended by decision of the 4th Panel of the Federal Tribunal of the 5th Region . The network has 4.5 thousand kilometers of gas pipelines in the northeast.
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