Petrobras Will Offer Loans to Its Suppliers to Help Them Face the Impact of the Economic Crisis

Petrobras Aims to Extend Deadlines and Payments Due to the Drop in Demand and Oil Prices and Open Loan Requests Aiming to Mitigate the Economic Crisis. The Sector Fears Disruption in a Supply Chain of Over 400 Thousand Workers.

Petrobras is offering loans to more than 9,000 suppliers and also stated that it will extend up to 3 billion reais in loans with lower interest rates than those offered by banks, due to the COVID-19 crisis, so that its suppliers can have some relief in overcoming the economic crisis.

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Economic Crisis Due to the Drop in Oil Prices

In this scenario of financial economic crisis, due to the drop in oil prices and high debt levels, Petrobras called its suppliers in the exploration and production area for a renegotiation of contracts, aiming to reduce its costs.

Petrobras’ More Value Program

On Wednesday, 11/4, the Firjan held a virtual meeting with members and a presentation from Petrobras about the newly cited program, More Value. The State-Owned Initiative Petrobras aims to enhance the connection with its supplier network, with proactive feedback, intending to improve the cash flow of these companies. Its main goal is to enable invoice anticipation for the direct suppliers of the company, involving the participation of financial institutions.

This program is an evolution of the former Progredir, according to Firjan’s vice president, Luiz Césio, the new program has important differentiators, such as advanced technological support.

“The More Value program will also provide an alternative access to resources for the cash needs of companies supplying to Petrobras,” highlights Luiz Césio.

According to Petrobras’ Schedule, Its Suppliers Will Start Being Called for Training on the Program Platform

According to Petrobras’ schedule, its suppliers will start being called to begin training on the platform that will house the Program, and a wide range of communication materials will be made available so that Petrobras’ goal of engaging the supplying companies, and partnering banks, is achieved broadly and effectively.