Petrobras Distribuidora Will Be A New Company Starting In 2021

Written by Paulo Nogueira

Published on 05/08/2019 at 16:26

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The President of BR Distribuidora, Rafael Grisolia, Stated That Petrobras’ Subsidiary Will Be a New Company Starting in 2021.

The declaration took place last Thursday, August 1, during a teleconference with investors. According to Grisolia, BR Distribuidora will take measures to align itself with competitors. One of the first steps towards the company’s change was the privatization, completed on July 24.

“The years 2019 and 2020 are execution years, when we will increasingly work on delivering these ten initiatives together. Starting in 2021, we will be able to see the results of this effort, which we will make so intensely and enthusiastically now, with BR privatized,” stated the president.

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Following the privatization last week, equipment purchases will no longer follow the State-Owned Companies Law. Thus, Grisolia stated that the acquisition now occurs “trying to follow the best market practices.” The distributor’s board of directors will also undergo changes.

Over the next few weeks, the new nominees will be analyzed by shareholders. As informed by the president, the company aims to reduce costs and increase market share. Additionally, there is an expectation of improvement in logistics noticeable in the coming quarters.

The president of the former state-owned company also spoke about the possibility of new commercial negotiations. “We expect that, with the opening of refining, other opportunities will arise. What opportunities will we have in future negotiations with potential new owners of a refinery?” said Grisolia.

The sale of low-relevance assets was also mentioned during the teleconference. According to the company’s financial director, André Natal, after privatization, BR Distribuidora has gained more freedom to sell assets.

Privatization of BR Distribuidora BR Distribuidora had 30% of its shares sold by Petrobras. The sale amount was around R$ 8.6 billion. After the operation, the subsidiary is no longer a state-owned company.

An item present in the agreement could allow the sale of BR Distribuidora shares to increase up to 35% of the company’s capital. Thus, the amount could reach R$ 9.6 billion. These amounts may help Petrobras reduce its debts. Following the sale of shares, Petrobras will now hold 41.25% of the subsidiary’s capital.

BR Distribuidora operates 7,700 fuel stations and is present in 99 airports. With the operation announced last Tuesday (23), Petrobras will lose control over the distributor.

Petrobras Distribuidora Will Be A New Company Starting In 2021

The President of BR Distribuidora, Rafael Grisolia, Stated That Petrobras’ Subsidiary Will Be a New Company Starting in 2021.

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