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The Company Acelen, Owner of the Only Large-Scale Refinery Sold by Petrobras, Criticized the State-Owned Company Regarding the National Fuel Market and the Oil Transfer, Claiming That It Pays More for Product Prices.
On last Monday, (08/15), Acelen commented on the main problems faced in the Brazilian fuel market and on the transfer of products from its refinery, the Mataripe Refinery, in Bahia, acquired by Petrobras in the state-owned company’s divestment plan. Additionally, the company stated that it pays more for oil prices and criticized the Brazilian state-owned company, which is harming the transfer of fuels with the high prices charged.
Owner of the Mataripe Refinery Criticizes Petrobras and Says It Is Paying More for Oil Prices in the Brazilian Market Than Abroad
The company Acelen is the owner of the only large refinery granted to the private market by Petrobras in its divestment plan for national assets, and is facing problems in the fuel marketing sector in Brazil.
This is because the owner of the Mataripe Refinery, an important asset of the state of Bahia, stated that it is paying more for oil prices, thus influencing the entire commercialization chain of products to the final consumer.
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“I have difficulties because of the tax structure, how it is built and the benefits for exporting oil. I am the second largest refinery in Brazil and cannot buy oil at the price it is exported from Rio or the Campos Basin. Strictly speaking, I pay more at the source than a European or Asian refinery that is receiving oil,” emphasized Luiz de Mendonça, president of Acelen.
He concluded by stating: “There is a tax burden, advantages for exporting, and sometimes you export through a trading company and pay less tax. Petrobras manages to circumvent this by making transfer pricing between refineries. I cannot.”
Currently, the oil prices transferred from Petrobras to Acelen are under review by the Cade (Administrative Council for Economic Defense), given a suspicion of competitive infringement by the refinery.
However, the action of the agency has ended up reversing its initial role and the council is now analyzing the position of the state-owned Petrobras in the Brazilian fuel market, as there may be excessive charging by the state-owned company for the commodity prices to the firm.
Acelen Reduced Gasoline and Diesel Prices Charged in Bahia Last Week
Amid the controversies in the fuel market involving the oil prices paid to Petrobras, Acelen continues to try to stabilize the prices of products distributed in the state of Bahia. And last Friday, it announced a 4% reduction in gasoline prices and a 4.3% drop in the price of a liter of diesel transferred in the state of Bahia. Prices below those charged by Petrobras, thus seeking greater competitiveness in the national market.
However, the company has not been able to consistently maintain this reduction in the state. At other times, it has charged an even higher price than Petrobras to the final consumer in Bahia, thus influencing the instability of the fuel market and the transport sector.
Learn More About Acelen
Acelen is a company that is part of the Mubadala Capital fund, present in Brazil since 2012, and a subsidiary of the Mubadala Investment Company’s asset management, focusing on maintaining the highest standards of governance and safety, along with a commitment to employees, customers, and the environment in its operations in the energy, oil, gas, and other fuels sectors in the national market.
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