Petrobras Refinery Sale Process Receives Favorable Opinion From Federal Court of Accounts (TCU)

The TCU Issued a Favorable Opinion on the Sale Process of Petrobras Refineries Being Challenged in the Federal Supreme Court (STF)

Even with the continued sale of Petrobras refineries facing resistance in the Chamber of Deputies and the Federal Senate, the Federal Court of Accounts (TCU) reported yesterday (07/29) that it is in favor of the decision to sell the state’s refining assets.

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The Chamber of Deputies and the Senate Requested the STF at the Beginning of This Month, a preliminary injunction to prevent Petrobras from selling its refineries in Bahia (Rlam) and Paraná (Repar), arguing that the transaction would go against a previous decision made by the court in 2019.

However, in the ruling published this Wednesday (29), this requirement is not evident regarding the refineries.

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“It is seen that legislative authorization and public bidding are required in the case of the disposal of the controlling interest in public companies and mixed-economy corporations. In the case of disposing of subsidiaries and controlled companies, legislative authorization or public bidding is not required, but it is necessary to ensure competitiveness and observe the principles of public administration”, states the ruling.

According to TCU’s advisory, “this ruling is the final decision of the TCU Plenary… The case files have been ordered to be archived. There are no further actions regarding this specific process.”

“We believe that the STF will take this opinion into consideration since the TCU advises Congress. If the TCU is saying that there is no illegality, how can Congress say that there is?”, informed a source from the state-owned company to the UOL portal.

The Mubadala Investment Company presented the best proposal in the binding phase for the RLAM refinery and has thus been invited to start negotiations with Petrobras. Repar will be the next state refinery to receive offers.