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Petrobras announced Tuesday (3) the suspension of the sale of 60% of its stake in the refining and logistics badets in the north-east and south of the country in addition to the following: other badets, after injunction of Minister Ricardo Lewandowski of the Federal Supreme Court (STF), according to which the sale of shares of public companies depends on the legislative authorization.
The decision, according to market experts, brings uncertainties and threatens the goal of $ 21 billion in 2017-2018 from the sale of badets and the attraction of partnerships as a way to reduce its debt, the largest in the world for an oil company.
Beyond the suspension of the process of attracting partnerships in refining Petrobras also reported that it had suspended the disinvestment processes of Araucária Nitrogenados and TAG (Gas Associated Company) for the same reason.
A Petrobras source told Reuters on Tuesday that the company had no choice after the injunction that the sales process would be resumed "with certainty" if it was canceled.
"We were forced to suspend the proceedings because of the (Minister) Lewandowski's injunction." We had to stop, badyze, consult the legal department and understand how the injunction reached the process of sale. "
In a statement to the market, however, the company did not detail the impact of this decision on its business plan and emphasized that it" evaluates " appropriate measures for its interests and investors "and that it will keep the market informed.
John Forman Consultoria Chairman John Forman, told Reuters that the minister's decision is unlikely to allow the company to complete the planned badignments, which should have an impact on its goals. "(Lewandowski) made it the day before the break, they will not work for a month. The case will only be appreciated in two, three months. So, for you to build something, you do not have the time, "said Forman, who is also a former director of the ANP (National Agency for Oil, Natural Gas and Biofuels).
Petrobras is looking for refining partnerships was announced in April and includes two refineries (Abreu and Lima and Landulpho Alves) and five terminals in the northeast, where processing capacity is of 430,000 bpd (barrels per day), as well as two refineries in the south (Alberto Pasqualini and President Getulio Vargas) and five terminals, with a processing capacity of 416,000 b / d
Initially, the process of The attraction of refining partnerships would be through the creation of subsidiaries and the sale of their shares
IMPACTS ON THE MARKET
When we announced the program refining badet sales was widely applauded by the representatives Market and industry ts who considered this measure as the only way to attract investment in drift production. The largest oil producer in Brazil.
Petrobras currently holds nearly 100 percent of the refining capacity in the country, which according to the evaluation of badysts is a monopoly of
But the state plan for the sector has been followed by a truckers strike against the rise in diesel at the end of May, which would prevent the construction of new refineries by competing companies, which would have difficulty in deciding prices. led the government to create a fuel subsidy program and resulted in the resignation of Petrobras president, Pedro Parente, who was pushed by politicians because of his policy of daily price adjustments of his refineries
strong resistance of oil tanker unions, who oppose the sale of badets by Petrobras, and have been able to file several lawsuits against previous lawsuits The TCU has also caused delays in the past Sale of Petrobras badets, paralyzing it to define new mechanisms that would make negotiations more transparent.
Reuters Earlier this week, Petrobras' former adviser, Roberto Castello Branco, criticized the difficulties faced by the state in carrying out its projects.
"At the moment, there is a question of institutional disorganization Interference Everyone makes decisions on economic policy, STF, TCU, is the judiciarization of economic policy … This creates an environment of legal uncertainty very negative for economic activity, because it inhibits investments, not only foreign, local ". "
" The TCU has long delayed the Petrobras divestment program and now, with this Lewandowski decision, a very large cloud of uncertainty has been created. "
The Brazilian group Ultrapar, Cosan and Cepsa, an energy company controlled by the sovereign wealth fund Mubadala Development, was among the five companies that signed confidentiality agreements for the refinery sales process, according to a source previously published in Reuters
GAS AND FERTILIZANTS
With respect to the TAG, in which Petrobras wants to divest its 90 percent stake, the company recalled that the process had already been suspended by d of the 4th Panel of the Regional Federal Court of the Fifth Region.In the case of Araucária Nitrogenados, the suspension of the process of transfer occurs several months after Petrobras announced the beginning of the negotiations with the company Acron, with the 39, exclusivity for 90
(With the exception of Stéfani Inouye, São Paulo, and Rodrigo Viga Gaier, Rio de Janeiro)
Copyright Thomson Reuters 201 8
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