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For The Ministry Of Mines And Energy, The Privatization Of Petrobras Is Timely Due To Global Energy Market Conditions
On May 30, the Ministry Of Mines And Energy submitted a request to the Ministry Of Economy for the inclusion of Petrobras in the Investment Partnerships Program (PPI), which represents the initial stage for the process of a potential privatization of the Brazilian state-owned company.
“The qualification of Petrobras in the PPI aims to initiate studies for the proposal of actions necessary for the company’s privatization, which will be produced by an interministerial committee to be established between the Ministry Of Mines And Energy and the Ministry Of Economy”, the MME informed in a statement.
For the MME, the proposal is timely due to global energy market conditions, “in light of the global geopolitical situation, discussions about the pace of the energy transition, and the global realignment of investments”
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Bolsonaro Says Petrobras Privatization “Is Unlikely To Move Forward”
President Jair Bolsonaro stated yesterday (06/06) that a privatization of Petrobras is “very difficult” to occur and that “it is unlikely to move forward.” According to him, the Federal Government supports the measure and has kickstarted the process of privatization of the oil company.
In an interview with the Agro+ channel, Bolsonaro brought up the profits obtained by Petrobras: “A privatization of Petrobras is very difficult. I spoke with the Minister of Mines And Energy, he has this intention, initiated the process, but it is unlikely to move forward. If everything goes right, it would take about four years,” the president stated.
For Bolsonaro, the process of privatizing Petrobras has to be “modulated.” “It can’t just be whoever pays the most will take it. Nowadays you have a state monopoly here and would end up having another private monopoly out there,” he said.
The president again criticized the international parity policy implemented by the state-owned company in 2016. “Petrobras has its social function outlined in the Constitution. Why isn’t this [privatization] moving forward? Because that [Petrobras] functions partly as if it were a black box, which we need to solve. It’s not easy when you’re fighting against these oligopolies, monopolies, and with a state-owned company that doesn’t owe explanations to anyone. It is hostage to [minority] shareholders,” he said.
Oil Companies Worldwide Lower Profit Margins To Help Their Countries
According to Bolsonaro, Petrobras has “enormous greed” and characterized its profits as “exaggerated” ― in May, the company declared its third highest quarterly profit in history, at R$ 44.5 billion.
“You see other oil companies around the world lowering their profit margins to, precisely, help their countries. Petrobras has increased its profit margin during crises and continues in the same way. We are trying to change that,” he stated.
According to the president, Minister Sachsida has faced difficulties in making changes at Petrobras because they depend on council meetings and “huge bureaucracies.” He stated that he does not have a part in the increase of fuel prices and hopes there will be no further adjustments until the changes take place.
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