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The Petrochemical Complex of Rio de Janeiro (Comperj) is one of the projects initiated during Lula’s government aimed at the oil, fuel, and gas sector that, up to now, has not produced a single barrel of oil, resulting, according to the TCU, in enormous losses to public coffers (47 billion reais). The project is stalled, and it is estimated that the value to finish it, in 2022, would be more than 33 times what was budgeted at the time, reaching over 200 billion reais.
On this Thursday, November 3rd, the Board of Directors of Petrobras met to determine the amount that would be paid in dividends to its shareholders, setting the quota at R$ 3.34 for each preferred and ordinary share, which will be divided into two installments, with the first paid in December and the second in January. The total distributed reaches R$ 43.7 billion, or about US$ 8.6 billion. With this investment, according to analysts, the government could finish projects initiated in previous administrations, such as those of Lula and Dilma, both from the Workers’ Party (PT), which stagnated after years of investments without return.
After the announcement regarding the distribution of dividends, the Unique Federation of Oil Workers (FUP) and Anapetro declared that they would file an administrative action against the state-owned company, Petrobras, asserting that the amounts are excessive and that the total paid by the company to shareholders exceeds R$ 180 billion in a short period, while investments made up to June remained at R$ 17 billion. The high fuel prices and the Brent oil price abroad are some reasons for the overvaluation of the shares, which have risen by 89% in the last 52 weeks, despite the drop experienced at the beginning of this week after the victory of former PT president, Luiz Inácio Lula da Silva.
“Amount Paid by Petrobras in Dividends Would Make it Possible to Purchase Oil Refineries Like Rlam and Six, and Thus Optimize the Economy of the Oil and Gas Sector”
Bacelar, general coordinator of the FUP, states that the amounts paid in dividends by Petrobras would allow the company to invest in purchasing new refineries, which would optimize cash flow. However, instead, they make a significant distribution of profits. Additionally, the amount distributed could, in part, finish COMPERJ. After all, it is estimated that to complete the works, the spent amount would be around R$ 220 billion.
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However, the oil company announced that if the debt is less than US$ 65 billion, it should distribute an average of 60% of the difference between operating cash flow and investments in physical and intangible assets.
Meanwhile, the president of Anapetro, Mário Dal Zot, is against the way the state-owned company divides its profits quarterly and criticizes its policy towards shareholders, implying that it is precisely due to this policy that the company’s net worth is decreasing.
“Vale is paying around 11% in dividends, Petrobras is around 50%, no company in the world of Petrobras’ size pays this much in dividends. Apple, Google, Microsoft, Starbucks, none pay this much in dividends, it’s absurd! Oil is extracted in reais and sold in dollars, and Brazilians earn in reais”, says Jadson Santos.
The cut-off date for the right to the two dividend installments is November 21st. Petrobras is expected to pay R$ 3.3489 per preferred and ordinary share in circulation, with the price of R$ 1.67445 on December 20th and the remainder on January 19th of the following year.
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