Petrobras desvalorizou 8,5 bilhões nesta semana: "Vende ou quebra de vez", segundo Pedro Parente

Petrobras Lost $8.5 Billion This Week: “Sell or Break for Good,” According to Pedro Parente

Written by Paulo Nogueira

Published on 18/03/2017 at 16:30

desvalorizaçãp da Petrobras

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Pedro Parente Made a Controversial Statement This Week About the Crisis at Petrobras and the Financial Difficulties Facing the State-Owned Company.

The plot of this never-ending Petrobras saga is beginning to have irreversible effects on the economic health of the state-owned company, especially that of Brazil. As if it wasn’t already bad enough, the financial market indicated to the world this week another downgrade of the company in the amount of US$ 8.5 billion on Wednesday (03/14), causing the country’s economists to become concerned. Shortly thereafter, Pedro Parente spoke to the press saying: ”There is no choice; now we have to sell everything we can from our asset portfolio so Petrobras doesn’t go bankrupt for good,” exclaims the current president fervently and noticeably worried.

Parente recalls that the Brazilian state-owned company ended 2016 still owing US$ 100 billion, but from an operational standpoint, it has been excelling and maximizing its activities in the development and research of the pre-salt layers, which would be the “El Dorado” for the economic recovery in fossil fuel exploration.

Stagnated by corruption scandals that appear to be far from reaching a final climax due to the Lava Jato operations, which discover more and more big players involved in bribes every day, Brazil will still take some time to regain investors’ trust.

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Petrobras still holds the largest debt of all major global oil companies, so it is extremely important that there are divestments of economically non-viable assets to allow for future investments. Although many people are against these initiatives, it is necessary to remember that they have been occurring since Graça Foster was president of the state-owned company, which by the way is from the PT, so he sees no reason for so much union opposition to these measures.

The TCU (Tribunal de Contas da União) temporarily halted the sale of assets to allow for changes to be made to this policy, requiring optimization of constitutional terms and a public notice for bids, which is currently being done somewhat in a “word of mouth” manner, all a matter of publicity to which measures are already being taken to meet the demands of the TCU in this regard.

Reinforcing that due to delays in judicial deliberations, the proposal for the sale of Petrobras Distribuidora (BR) is still underway, and potential buyers interested in this and other ventures are being deterred by this endless “you scratch my back, I scratch yours” from the TCU. If this bureaucratic policy extends for another year, the company will be forced to adjust fuel prices again, reduce investments, and cut costs.

Regarding works at COMPERJ, Parente says that most of the companies invited to carry out the works were foreign, but there are also many Brazilian contractors competing. The criterion taken into consideration for this bidding was due to the project being large-scale, so it is necessary to consider the capacity of the companies that will be able to execute them, and ironically, most of them are foreign, plain and simple. Remembering that after the second semester of 2017, the activities of this complex will begin.

In Houston, where Pedro Parente was at an event with executives from the oil industry, he said there are many investors interested in the pre-salt, including Shell, which already holds some blocks and wishes to further increase its operational portfolios in our waters.

Now dear reader and follower, we are seeing measures being taken so that our country returns to its maximum potential in the Oil industry, but due to the crisis and judicial bureaucracies, this saga will have its script soon in the history of Brazilian drama.

Sources: O Globo https://goo.gl/jaOmSl

Infomoney https://goo.gl/uyLWhv

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