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Petrobras says 'no', denies agreement and proposes review of sale of refineries to Cade amid changes in the market!

Written by Roberta Souza
Published 22/05/2024 às 14:46
While Ibovespa is in the process of making profits, Petrobras shares (PETR3;PETR4) continue on an upward trend, says Itaú BBA, in – All rights: MoneyTimes

Petrobras' proposal to review the sale of refineries is presented to Cade, seeking to readjust previously established commitments.

According to portosenavios, the Petrobras submitted a proposal to the Administrative Council for Economic Defense (Cade) aiming to reverse the sale of five refineries, in a move that aims to maintain control over these strategic assets. This initiative appears as part of an amendment that aims to review the previous agreement, established in 2019, which outlined the rules and commitments for the sale of these refineries. With a positive opinion already issued by General Superintendence of Cade, Petrobras seeks to reconfigure its positioning in relation to these key assets.

Petrobras' strategic reassessment

Faced with significant changes in the economic and regulatory scenario, the Petrobras has sought to adapt its strategy in relation to refineries, considered fundamental parts of its portfolio. The proposal to review refinery sales, presented to Cade, reflects the company's need to reassess the commitments made previously, in light of new circumstances and challenges in the market. This strategic reconfiguration not only impacts Petrobras' operations, but also has repercussions on the national energy sector.

petrobras, baker hughes, petroleum
Photo: Reproduction Brasil de Fato

Impact of the pandemic and low interest

Petrobras argues that the established timelines were affected by the COVID-19 pandemic, resulting in significant challenges in selling the refineries. Furthermore, the company mentions the lack of substantial interest on the part of potential buyers, which made the process of selling assets within the established parameters difficult.

Commitments to stimulate competitiveness

To promote competitiveness in the market, Petrobras proposes the publication of non-discriminatory commercial guidelines for oil deliveries maritime way, as well as offering frame contracts to independent refineries. These measures aim to foster a more dynamic and competitive environment in the oil refining sector.

“petrobras”, “cade” refineries”
Photo: IA/Representation

Impacts on Petrobras' national energy policies

Petrobras highlights that the refinery disposals could affect the execution of national energy policy and represent an obstacle to the country's energy transition projects. The company highlights the importance of realigning its refining operations with the growing demands for biofuels, driven by New Growth Acceleration Program.

Review of obligations related to the natural gas market

In view of the transformations in the natural gas market, Petrobras also proposed a review of the obligations originally established in relation to the subsidiary TBG. Considering the increased importance of natural gas in the country's energy matrix and its relevance in the decarbonization of operations, the Petrobras argues that maintaining 51% social control of TBG is crucial to its strategic plans. The company highlights the consistency of the dividends generated by the subsidiary, as its contribution to promoting a transparent and equitable market for diverse independent shippers.

Final considerations and analysis of proposals

The proposals presented by Petrobras to Cade signal a strategic reassessment and adaptation to new market realities and the regulatory environment. By seeking to readjust previously established obligations, Petrobras demonstrates an effort to align its operations with the current and future demands of the energy sector. The analysis and approval of the proposed additives will be crucial, not only for the company, but also for the national energy scenario as a whole. Thus reflecting the constantly evolving dynamics of the energy sector in Brazil.

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Roberta Souza

Petroleum Engineer, postgraduate in Commissioning of Industrial Units, specialist in Industrial Corrosion. Get in touch to suggest an agenda, advertise job vacancies or advertise on our portal. We do not receive resumes

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