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Representing About 46 Distributors, BrasilCom Seeks to Prevent the Privatization of Brazilian Refineries from Petrobras
In a statement released on Monday, the 28th, the National Federation of Fuel, Natural Gas, and Biocommodities Distributors (Brasilcom), which represents 46 fuel distributors, requested the Administrative Council for Economic Defense (Cade) to temporarily suspend the privatization program of Petrobras refineries.
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Brasilcom asks Petrobras that sales only proceed “when transition rules are established with measures that safeguard healthy competition and protect the distribution market from anticompetitive practices with their nefarious impacts on the pockets of fuel consumers from these refineries aimed at privatization.”
In the letter sent to Cade, Brasilcom explains that the Brazilian refining network was built by Petrobras in the 1970s following a policy to develop the base industry, a result of the II National Development Plan (II PND), in response to the global crisis resulting from the shock of oil prices.
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“In this sense, it was built within a logic of regional development, decentralizing our industrial park to capitals in several Brazilian states, beyond the Southeast refineries.”
“Thus, for real competition to occur in the derivatives market, it will be necessary to build new refineries and not just to change their owner,” says the text of BrasilCom’s statement.
Petrobras Results in the Third Quarter of 2020
Petrobras’s result in the third quarter of 2020 (3Q20), released on October 28, showed a net loss of R$ 1.5 billion, compared to a profit of R$ 9.0 billion in the same period of the previous year, as reported by Brasilcom in its report.
Petrobras’s EBITDA reached R$ 33.5 billion in 3Q20, showing a growth of 14.4% compared to 3Q19. Petrobras’s EBITDA margin totaled 47.4% in 3Q20, showing a growth of 9.4 percentage points compared to 3Q19.
Petrobras’s net margin reached -2.2% in 3Q20, showing a contraction of -14.0 percentage points compared to 3Q19. Petrobras shares have accumulated a 4.29% increase on the stock exchange in the last 7 days and a decline of 7.67% over the last 12 months.
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