After Being Privatized, BR Distribuidora Will Not Buy Refineries

Written by Renato Oliveira

Published on 03/08/2019 at 01:00

Updated on 02/08/2019 at 19:45

Foco é a distribuição e não o refino

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Company, Now Privatized, Has No Plans to Acquire Refineries from Former Parent Petrobras and Current Focus Is Profitability

The CEO of BR Distribuidora, Rafael Grisolia, stated this Thursday (08/01) that the company’s focus after privatization is to become the most profitable in the market and that it will not make bids in auctions to acquire the eight refineries that Petrobras will put up for sale.

The CEO of the company declared that: “Regarding capital allocation, something that is very clear is that it is important to understand that BR’s vocation is distribution; we do not have the knowledge to enter refining. This (refining) is not our expertise, it is not our aspiration”.
Shortly after taking office in May of this year, he would have stated that BR needed to analyze the process of selling refineries by Petrobras.

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The Company’s Focus

He completed the statement by saying: ”From the refinery gate onward, all the business is ours; everything after that is our function… those who have storage are the distributors; we manage stocks, logistics, and delivery…”.
Today BR is the leader in a closed market but is witnessing the arrival of large companies such as Glencore and Vitol, which have been acquiring assets in the sector.

The main competitors of BR Distribuidora are Raízen, a joint venture between Shell and Cosan, and Ipiranga, from the Ultrapar group.
BR reports a drop in trading margins, but still, the company reported an increase of almost 15% in its net income for the second quarter, to R$ 302 million.

According to the company’s president, even though it is the largest distributor in the country, it is not the most profitable, and with the privatization of the company, this will be the focus going forward, as it will have more agility in the process of its hiring since it will no longer need to follow the State-Owned Companies Law.

After Being Privatized, BR Distribuidora Will Not Buy Refineries

Company, Now Privatized, Has No Plans to Acquire Refineries from Former Parent Petrobras and Current Focus Is Profitability

The Company’s Focus

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After Being Privatized, BR Distribuidora Will Not Buy Refineries

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