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Acelen, Operator of Brazil’s Largest Private Refinery, Is in Dispute with Petrobras Over the Sale Price of National Oil for the Mataripe Refinery Located in Bahia.
The company controlled by the Arab fund Mubadala accuses Petrobras of selling oil at prices higher than those practiced in its exports or when transferring oil to its own refineries. This dispute intensified following the announcement of Petrobras’ new pricing policy, which abandoned the PPI (import parity price).
Brazil’s Largest Private Refinery
The Mataripe Refinery was acquired by Acelen from Petrobras. The company took over operations in December 2021, amid protests from unions and opposition to former President Jair Bolsonaro (PL), who advocated for the re-nationalization of the unit. Although Acelen has a dominant position in the Bahia market, its operating area may be contested by two refineries owned by the state, the one in Betim (MG) and the Abreu e Lima refinery in Pernambuco.
Petrobras Pricing Policy
The new pricing policy of Petrobras abandoned the PPI (import parity price) and signals greater competition from the state company with other internal fuel producers, such as Acelen. The company does not believe that the new policy provides sufficiently clear information to ensure price predictability for fuels in Brazil. Acelen emphasizes that, as a dominant company in the market, ensuring fair prices is crucial for the country’s energy security.
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Dispute with Petrobras Mobilizes Cade
Concerned about the possible consequences of the new pricing policy for private refineries, Acelen requested the Administrative Council for Economic Defense (Cade) to monitor price variations and the application of this new policy, ensuring that the isonomic conditions for accessing Brazilian oil by private refineries are preserved. The company is also studying the possibility of requesting an injunction to expedite Cade’s decision on the matter.
Impacts on the Refining Sector
Broad and isonomic access to national oil for national refiners is a necessary condition for building a competitive refining environment, attracting investments in the sector, and ensuring the country’s energy security. Thus, this dispute between Acelen and Petrobras could impact the national fuel market and create competition distortions that affect the development of companies in the sector.
The dispute over the price of national oil sold by Petrobras to the Mataripe refinery in Bahia mobilizes Acelen to request monitoring of Petrobras’ new pricing policy. The lack of clarity in the new policy and the potential competition from Petrobras with other internal producers worry the company, which advocates for the preservation of isonomic access conditions to Brazilian oil by private refineries.
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