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The president of Petrobras, Roberto Castello Branco, stated yesterday (06) the agreement of Odebrecht, its partner, to transform Braskem into a corporation. Odebrecht – on April 22, the group approved the restructuring of 53 billion reais in debts within its judicial recovery plan, thus making Braskem the main source of income for the company.
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The executive said that the market moment requires patience, but that Petrobras maintains its interest in selling its stake in Braskem on the stock exchange and is monitoring opportunities for a new share offering of BR Distribuidora.
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According to Castello Branco, the company’s goal remains to move forward with negotiations for the refineries and sign the contracts for the sale of the assets still this year.
He emphasizes that “several obstacles have already been overcome” in the sale of Braskem, such as the agreement reached by the petrochemical to pay indemnities and relocate employees.
The idea of Petrobras and Odebrecht is to list Braskem on the Novo Mercado of B3, in an attempt to enhance the petrochemical’s value for a future sale of shares in the company. “But we must be patient,” said Castello Branco, referring to the high volatility of the stock market and the poor current state of the global economy.
Regarding the interest in a new offering of shares of BR, where Petrobras still holds 37.5%, the executive said that this “is a possibility, but we have to wait a little.”
According to Castello Branco, the company still plans to sign sales contracts for its refineries by the end of the year and conclude the deals in 2021. “This is still on track. We have not received any negative signals of withdrawal from anyone [regarding the refineries].”
For him, it is natural that, in the midst of the crisis, Petrobras’ divestment plan faces delays, but the interest in the company’s assets remains.
“We have seen a demonstration of renewed interest from buyers. It is unlikely we will close any transactions in the next two months, but we hope that, by the end of the year, some assets that have already received offers will be sold,” he stated.
Castello Branco also states that Petrobras has “no intention” of selling pre-salt assets.
“We are ready. If we find it necessary, we will do it,” he stated, mentioning that, amid the devaluation of oil in the international market, the company has already reduced gasoline prices at refineries by 52% this year. In the case of diesel, the accumulated drop is 48%. “We showed that the rule applies downwards as well,” said the president of Petrobras, regarding the recent drop in fuel prices.
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