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Brasilcom Proposed to CADE to Temporarily Suspend Petrobras’ Refinery Sales Plan and Establish Transition Rules for the Process to Be Resumed
According to a document from Reuters, the Fuel Distributors Association – Brasilcom, representing 46 fuel distributors, proposed to the Administrative Council for Economic Defense – CADE, the temporary suspension of Petrobras’ refinery sales plan and the establishment of transitional rules for the resumption of the process. The request came when Petrobras was in advanced negotiations with some refineries.
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The Association of Fuel Distributors states that “measures that safeguard healthy competition and protect the distribution market from anticompetitive practices with their harmful impacts on consumers’ pockets.”
Petrobras stated earlier this month that it had entered into negotiations with Mubadala, a state holding company from the UAE, regarding the sale of the Rlam refinery, located in the State of Bahia, and was seeking final recommendations from interested parties.
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Furthermore, the state company announced earlier this month that it had received binding proposals from four refineries and, at the same time, moved forward with a divestment plan of up to US$ 35 billion over five years, which holds a significant share of the refineries.
Brasilcom, in a document, states that “The temporary suspension we are requesting, and the prior establishment of the necessary transition rules, will allow investors to understand the rules that will govern the markets before committing definitively to high amounts.”
Deyvid Bacelar, general coordinator of the Unique Federation of Oil Workers (FUP), believes that the sale of the refinery and all its infrastructure will pose risks to supply and competition. “The buyer may even stop refining oil to use the structure only for storage. Besides not needing to guarantee the supply of fuels to the regional or national market, the buyer may charge whatever price they want. If exporting is more advantageous, they can do that.”
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