Petrobras And Caixa Econômica Federal Establish Partnership To Finance Up To R$ 1 Billion In Credit For Oil And Gas Industry Suppliers

Written by Valdemar Medeiros

Published on 16/08/2023 at 13:06

Foto: Canva

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Focused on Contributing to the Oil and Gas Supply Chain, Petrobras and Caixa Econômica Federal Are Joining Forces in a Strategic Partnership.

Petrobras and Caixa Econômica Federal closed a partnership on Monday (14) that could finance up to R$ 1 billion in businesses to the oil and gas supply chain. The financial institution has joined the Progredir Program, an initiative from the oil company to the sector, and aims to offer rates 30% lower.

Understand How the Progredir Program Works

According to Petrobras’ statement, Caixa Econômica Federal is structuring to join another program, Mais Valor, in 2024, with the expectation of financing up to R$ 5 billion annually to the oil and gas sector.

For the president of Petrobras, Jean Paul Prates, in a statement, this is one of the measures of Petrobras’ supplier support program focused on boosting and stimulating the local production chain and generating jobs and income for Brazil.

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According to the president, more actions focused on its suppliers will be announced soon. The Progredir program consists of financial institutions advancing amounts based on contracts made with Petrobras suppliers.

Created in 2011, the program provides a service or delivery not yet performed, in which the supplier, when accessing the platform, can choose the financial agent of their preference who prices the rates and delivers the risk in various ways. According to Petrobras, payment is made upon the supplier’s request according to the agreed financing contract.

The operation is carried out through the bank domicile block, a procedure in which Petrobras deposits the contract value into the account indicated by Caixa Econômica Federal. In the last year, Progredir financed R$ 2 billion and this year the amount is expected to be even greater, according to the state-owned company.

Oil and Gas Sector Program Has Already Handled R$ 20 Billion

The president of Caixa Econômica Federal, Maria Rita Serrano, stated in a statement that Caixa’s adherence to the Progredir Program allows the bank to support the supply chain around oil and gas in the country. The Mais Valor Program, which Caixa is expected to join next year, has already handled approximately R$ 20 billion in credit granted to suppliers in about 3 years, according to Petrobras.

This program works through a digital platform where a reverse auction of discount rates among financial institutions takes place daily. The lowest is applied to the supplier, who receives the funds on the same day. The activities, exempt from IOF, are of the type risk withdrawn, in which Petrobras assumes the obligation of payment to the financial institution when the anticipation activity is executed.

Get to Know Caixa Econômica Federal and Petrobras

Petrobras is a Brazilian state-owned company that mainly operates in the exploration and production of oil and its derivatives and natural gas. The state-owned company was founded in 1953, during Getúlio Vargas’ second government, and began its activities in 1954.

Caixa Econômica Federal was founded in 1861 when Dom Pedro II signed Decree No. 2,723. Besides being a bank, the financial institution is responsible for the Severance Indemnity Fund, Social Integration Program, Unemployment Insurance, and government social programs, such as Auxílio Brasil, FIES, and Minha Casa Minha Vida.

Petrobras And Caixa Econômica Federal Establish Partnership To Finance Up To R$ 1 Billion In Credit For Oil And Gas Industry Suppliers

Focused on Contributing to the Oil and Gas Supply Chain, Petrobras and Caixa Econômica Federal Are Joining Forces in a Strategic Partnership.

Understand How the Progredir Program Works

Major Oil, Gas, and Energy Event Will Take Place in Brazil: Macaé Energy Will Gather Petrobras, Equinor, Prio, Among Other Suppliers and Energy Executives for Business, Networking, and Employment Opportunities

Oil and Gas Sector Program Has Already Handled R$ 20 Billion

Get to Know Caixa Econômica Federal and Petrobras

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Petrobras And Caixa Econômica Federal Establish Partnership To Finance Up To R$ 1 Billion In Credit For Oil And Gas Industry Suppliers

Focused on Contributing to the Oil and Gas Supply Chain, Petrobras and Caixa Econômica Federal Are Joining Forces in a Strategic Partnership.

Understand How the Progredir Program Works

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Get to Know Caixa Econômica Federal and Petrobras

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