The Mission of Petrobras

Written by Paulo Nogueira

Published on 16/01/2022 at 17:12

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In the past, Petrobras’ main mission was to keep Brazilian territory supplied with oil derivatives. Recently, due to the company’s use as a fiscal policy instrument, holding back its prices to curb inflation, it was condemned by a lawsuit filed by minority shareholders for mismanagement, which ended with a settlement that cost Petrobras billions of Reais and nearly imprisoned the directors of the Brazilian state-owned enterprise.

The Mission Changed to “Achieve a Profitability Compatible with the Sector”.

When selling a commodity in an importing market, the selling price must be equal to the cost of importing, as an alternative for the buyer. The director who fails to do this risks imprisonment, but they have no alternatives and prefer to take the risk.

At the same time, some “authorities” celebrate record oil exports, even though Brazil is the largest importer of oil derivatives in the world, much more expensive than oil, among those with sufficient oil production.

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It’s as if we export iron ore and import steel.

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The Mission of Petrobras

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The Mission Changed to “Achieve a Profitability Compatible with the Sector”.

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The Mission of Petrobras

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