FUP Pressures Petrobras to Suspend Signed Contracts for Asset Sales and Reevaluate All Actions Involved in the Divestment Program

With A Focus On Aligning With The New Government’s Guidelines, FUP Pressures Petrobras To Suspend Asset Sales And Have The Divestment Program Reassessed.

FUP (Unique Federation of Oil Workers) is pushing for the immediate suspension of Petrobras’ asset sales. The request was directed to the ministers of the Civil House, Rui Costa (PT), and Mines and Energy, Alexandre Silveira (PSD), to negotiate with the current management of the state-owned company to halt ongoing negotiations. They add to the request that all preparatory acts for the proposed divestments by the company be reassessed.

The Signed Agreements Amount To Approximately US$4.2 Billion

The oil workers want to suspend not only the processes that are still in progress but also the deals with contracts already signed that have not yet been completed.

The list includes signed agreements totaling around US$ 4.2 billion.

FUP mentions the intention to suspend the sale of assets such as the Brazilian Transporter of Bolivia-Brazil Gas Pipeline (TBG) and the Southern Brazilian Gas Transporter (TSB), whose divestments are part of the commitment term between Petrobras and the Administrative Council for Economic Defense (Cade).

The Potiguar Pole, sold to 3R Petroleum for US$ 1.38 billion, and the North Capixaba Pole, sold to Seacrest for US$ 544 million, are also pending completion.

Also on the list are Lubnor (CE), sold to Grepar for US$ 34 million, the Golfinho Pole and Camarupim Pole (ES), whose sale contracts were signed in 2022 with BW Energy for US$ 75 million. Albacora Leste, sold to Prio for US$ 2.2 billion, and the Bahia Terra Pole, currently under negotiation with the PetroReconcavo/Eneva consortium.

FUP argues that the focus of the suspension is to “align decisions with the current government’s guidelines.”

New Petrobras Management Intends To Halt Divestments

Representatives linked to labor unions were part of the Mines and Energy operational group of the government transition cabinet, alongside then-senator Jean Paul Prates (PT/RN), who was later nominated for the presidency of Petrobras.

Prates is still awaiting internal procedures to take over Petrobras, which is currently being led temporarily by João Henrique Rittershaussen.

The senator vehemently criticizes the state-owned company’s asset liquidation program, especially regarding the refineries. He argued that during the transition work, Petrobras’ administration should halt the divestments until the new government takes office.

However, Prates noted that there is no way for the transition team to block processes that are already well advanced and has minimized the new government’s capacity to invalidate already closed contracts.

According to the letter sent to the Civil House and the MME, FUP points out that Petrobras has already sold 64 assets since 2019. It recalls that other sale operations are in progress.

 “Suspending privatizations and reassessing the process of selling Petrobras units are necessary precautionary measures,” declared FUP’s general coordinator, Deyvid Bacelar.

In the document sent to the ministries, the coordinator of FUP recalls that the current management of Petrobras is following the strategic planning for 2023 to 2027, approved last December, which provides for the continuation of the divestment program.