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Statement Given by Castello Branco Yesterday, Tuesday (08/14), with the Aim of Making Petrobras a Better Company
The president of Petrobras, Roberto Castello Branco, attended the Senate for a public hearing with the Infrastructure Committee yesterday (08/13), to discuss the sale of refineries and stated that Petrobras is not being dismantled by the Bolsonaro government.
The statement from the state-owned company’s president in the Senate was as follows: “We are not dismantling Petrobras; we are transforming it into a better company”.
Castello Branco also added that Petrobras was robbed by a criminal organization and practically dismantled, and that it is not the government’s intention to use money raised from the auction of the onerous concession to pay the company’s debts.
When discussing debts, the president mentioned amounts that are currently consuming 35% of the company’s cash flow, while its competitors normally practice about 3%.
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The president spoke to the Senate about the sale of the refineries: “Petrobras was responsible for 98% of the refining capacity, an anomaly. You should abominate monopolies as I do.”
According to Castello Branco, the company will invest around US$ 100 billion in the next 5 years, and the revenue from the divestment program is expected to be around US$ 30 billion.
Fuel Prices
When discussing this controversial topic, the president of Petrobras stated: “Brazil is not an expensive country for diesel, it is below the global average. Of 160 countries, in more than 100 it costs more than in Brazil”.
Regarding gasoline, he stated that: “In the case of gasoline, it is in line with the global average, sometimes below, sometimes above”.
In the case of diesel, he blamed the previous government’s policy that expanded credit through BNDES and increased, without parameters, the national fleet. “The irresponsible expansion of credit by the BNDES increased the fleet by 47.3% between 2008 and 2017″, he declared.
The president reiterated that the focus of the company from his management onward will be Exploration and Production in deep and ultra-deep waters, which is the state-owned company’s specialty.
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