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New Minister of Mines and Energy Requests Paulo Guedes, Minister of Economy, Approval on the Privatization of Petrobras and PPSA
As it was already speculated about the privatization of Petrobras, the new Minister of Mines and Energy, Adolfo Sachsida, made the rumors concrete. On the morning of Thursday, 12, the Minister requested Paulo Guedes studies to approve a possible privatization of PPSA (Pré-sal Petróleo) and Petrobras. Furthermore, the new Minister, during his first official statement to the press, after taking office, stated that his first act as minister would be to request the privatization of Petrobras and PPSA. After the new minister’s request, Guedes informed that he would forward the request immediately, on the same day as the privatization request, to the PPI (Special Secretariat for the Investment Partnership Program).
At the press conference, the new Minister said: “As I said yesterday, here is my first act as Minister of Mines and Energy, a formal request for studies to be initiated focusing on the beginning of the privatization process of PPSA and Petrobras. I hope we have this resolution ready as soon as possible so that the President of Brazil can sign and start this process awaited by the Brazilian people.”
Guedes Ensured Continuation of the Request for the Privatization of Petrobras and PPSA
After the statement from the new Minister of Mines and Energy, Paulo Guedes delivered his speech. In his statement, he ensured the continuation of studies aimed at the privatization of Petrobras and PPSA. Throughout the press conference, he said: “The Minister of Mines and Energy delivered this to me today and I will forward it immediately to the Special Secretariat of the PPI, so they can create a resolution that starts the studies for the validation of the privatization of Petrobras and PPSA. Therefore, this must be done today. We will continue the studies for PPSA and then, [we will proceed to] the case of Petrobras.”
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At the end of his statement, Minister Paulo Guedes raised his voice towards a group of union members present at the conference who were advocating for wage increases, at the door of the Ministry of Economy. He stated that he did not want to comment on the remarks made about thefts at Petrobras. For Guedes, those responsible for the “thefts” of the state-owned company have been condemned and he has nothing to declare about it. For him, the important thing is to continue the procedures for the privatization of Petrobras and PPSA. Conversely, the union members also raised their voices, shouting phrases against the idea of privatizing Petrobras and PPSA.
Petrobras and PPSA Are in the Government’s Crosshairs
On Wednesday (11), President Jair Bolsonaro again lost his temper with the press during an interview for Balanço Geral de Maringá (PR), a TV network. He exclaimed: “Petrobras is very fat! Its board and directors could reduce the profit margin. Their profit margin is around 30%, while other oil companies have a maximum of 15%. Petrobras, you are Brazil! Or do those inside not think of Brazil? The population is suffering from fuel prices.” Balanço Geral de Maringá (PR).
What Is the PPI
The PPI, Investment Partnership Program, is the government entity responsible for managing privatization and governmental concession projects. The PPI is composed of numerous ministers and presidents of public banks, and is chaired by Minister Paulo Guedes. Decisions regarding the privatization of Petrobras and PPSA are made within the PPI sector, which first assesses whether the privatization of the companies is necessary and viable. If the answer is positive, the case in question is taken for approval by the PPI council, which votes on whether or not to recommend the privatization to the President of Brazil.
After this, if the request is granted, the President signs the decree that includes the company in the PND (National Privatization Program). From then on, the procedures for privatization begin.
In specific cases mandated by law, the approval of a bill in Congress is required for the privatization to be finalized.
Minister Says He Will Approve Structural Measures
Still regarding the minister of Mines and Energy’s initial statement, he comments that he intends to approve some structural measures to make Brazil a safe harbor for attracting private investments. The priority measures he wants to be approved by Congress include: the modernization of the electric sector, which opens the free energy market for all consumers; a project aimed at changing the pre-salt exploration regime from sharing to concession, and also a project that changes the guarantee system.
Still not mentioning fuel prices derived from oil, the new Minister of Mines and Energy also comments that the measures he aims for will have little or no impact, speaking of measures from a supply perspective. Also, the new minister advocated for the advancement of the privatization of Eletrobras. For him, it is an important signal for attracting more capital to Brazil. The process of approving the Minister’s request to Paulo Guedes is scheduled for judgment at the TCU (Federal Court of Accounts) next Wednesday (18).
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