With the victory in the STF, Petrobras is authorized to sell its refining units and subsidiaries without congressional approval; values ​​can reach R$ 83,6 billion

After action brought by parliamentarians (recall the case) claiming that Petrobras was circumventing rules to slice its assets and defraud the need for consultation with the Legislative, the state-owned company emerges victorious in the STF decision that took place in yesterday's session (01/10). The voting ended with six votes releasing the sale against four against.

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Justices Luis Roberto Barroso, Alexandre de Moraes, Cármen Lúcia, Dias Toffoli, Gilmar Mendes and Luiz Fux (president of the Court) voted in favor of Petrobras. The losing votes were from the rapporteur Edson Fachin, Rosa Weber, Ricardo Lewandowski and Marco Aurélio Mello. Minister Celso de Mello was not present.

With this, Petrobras is free to proceed with the divestment plan without the need for congressional authorization, which provides for the sale of up to US$ 30 billion in assets by 2024, including eight refineries, which represents more than half of its refining park.

Petrobras plans to sell up to R$83 billion in assets to reduce debt

The sale of the refineries could reach R$ 83 billion and shorten the path for Petrobras to have debt in line with that of other oil companies, expanding its ability to invest. At the same time, to pay more generous dividends to its shareholders – both the Union and minority shareholders.

Despite being 35% lower than in June 2014, when the company owed almost US$ 140 billion, Petrobras' gross debt in the second quarter of 2020 was US$ 91 billion, consuming about 26% of the state-owned company's cash to interest payments and debt rollover.

Petrobras aims to reduce the amount to US$ 60 billion in 2022. The objective is to sell assets and subsidiaries that are not considered strategic to the state-owned company's business in order to reduce its indebtedness, partly the result of the "Petrolão" investment scandal. no return and price controls in previous administrations. .

For this, according to its strategic plan, it is to sell from US$ 20 billion to US$ 30 billion in assets until 2024, including eight refineries: Rnest (PE); Rlam (BA); Repair (PR); Refap (RS); Regap (MG); Reman (AM); Lubnor (CE); and Six (PR).

If it gets there, the state-owned company can pay dividends based on cash generation, which remained strong even with the oil shock, thanks to the profitability of the pre-salt layer and the recovery of the Chinese economy.

Petrobras started its divestment plan in 2016, under Pedro Parente (Temer government), based on the State-Owned Companies Law, and intensified the program under Roberto Castello Branco (Bolsonaro government), after understanding the STF

The company wants to focus the operation only on the activities of refining and marketing of derivatives that are located in the Southeast (SP and RJ). The company would also like to exit the areas of gas, biodiesel, fertilizers and LPG. In the case of gas, the exit is part of an agreement with the Economic Administration Council (Cade) to deconcentrate the market.