Roberto Castello Branco diz que Petrobras espera retomar processo de redução do endividamento em 2021

Roberto Castello Branco Says Petrobras Expects to Resume Debt Reduction Process in 2021

Written by Roberta Souza

Published on 26/05/2020 at 21:11

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According to the President of Petrobras, the Environment Is One of Uncertainty, but He Expects the Company to Resume the Deleveraging Process Next Year

Roberto Castello Branco, President of Petrobras, said he expects the company’s deleveraging to be resumed starting next year. Roberto stated that the environment is one of uncertainty, but he hopes that the accomplishment will materialize.

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“I hope so [the company resumes the deleveraging process in 2021], but the environment is one of uncertainty,” he stated when questioned about the matter during an online event hosted by Genial Investimentos.

According to Valor, in light of the shock in oil prices, the company revised its deleveraging target for 2020. The company abandoned its goal of reaching a net debt/Ebitda ratio of 1.5 times by the end of this year and set a target to end 2020 with a gross debt of US$ 87 billion, the same level as in 2019.

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According to the president, the intention is to reduce the debt to below US$ 60 billion and he mentioned that there is “no chance” that the state-owned company will be privatized. “At the moment, it’s not a topic on the table,” the executive stated. He added, however, that the company may continue to promote privatizations of some of its subsidiaries through the oil company’s divestment program.

“We can divest from subsidiary companies or close some, as we did with Araucária Nitrogenados,” he said.

Roberto Castello Branco Says Petrobras Expects to Resume Debt Reduction Process in 2021

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Roberto Castello Branco Says Petrobras Expects to Resume Debt Reduction Process in 2021

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