TCU Points Out Irregularities in Partnership Contract Between Petrobras and Unigel

Written by Paulo Nogueira

Published on 05/02/2024 at 21:57

Ministro do TCU Benjamin Zymler (Foto: TCU) – Todos os direitos: EPBR

Seja o primeiro a reagir!

TCU Identifies Governance Failures at Petrobras and Issues with Fertilizer Agreement Calculations with Unigel, Indicating Losses and Irregularities.

The technical area of the Federal Court of Accounts (TCU) identified irregularities in the contract for commissioned industrialization signed with Unigel, which allowed the resumption of operations at the fertilizer plants in Sergipe and Bahia. The governance failures at Petrobras and the distortions in the calculations that supported the signing of the contract were raised as concerns by the court.

The assessment of the oil company, mentioned in a TCU dispatch, indicates that the agreement will result in losses of R$ 487.1 million over the eight-month term.

Contract Between Petrobras and Unigel Raises Questions About Irregularities

Minister Benjamin Zymler ordered that the oil company, the Ministry of Mines and Energy (MME), and Unigel provide clarifications regarding indications of irregularities pointed out by TCU technicians.

ARTICLE CONTINUES BELOW

Operation of the Agreement Between Petrobras and Unigel

How the agreement works: under the terms of the agreement, Petrobras retains the lease of its plants to the Unigel group while simultaneously contracting a company to operationalize the fertilizer production for eight months.

The oil company supplies the gas and receives fertilizer, becoming responsible for the commercialization of the products – along with the burden of a deficit operation.

In his dispatch, Zymler cites that Petrobras’s risk assessment indicated that the contract would lead to an expected loss of R$ 487.1 million, but the alternatives would be even more costly:

R$ 1.23 billion to resume both plants by Petrobras;
And R$ 542.8 million if the contract is not executed and the plants are not resumed by the state-owned company;

Irregularities Identified in the Lease Agreement

The TCU pointed out irregularities in the contract process, beyond the failures in the financial justification of the deal and the problems in risk qualification and quantification of the expected economic value of the evaluated alternatives.

The technical area identified a failure in Petrobras’s governance, as the agreement was approved by only one director and signed by an executive manager subordinate to him, without the effective participation of other higher instances of the state-owned company.

In addition, it considered that the oil company assumed risks with the deal in an unfavorable market scenario, through the signing of a ‘deficit contract, incapable of offering a definitive solution to the situation and without a clear demonstration of the benefits that would be derived by Petrobras’.

Source: EPBR

0 Comentários

Mais recente

Mais antigos Mais votado

Feedbacks

Visualizar todos comentários

TCU Points Out Irregularities in Partnership Contract Between Petrobras and Unigel

TCU Identifies Governance Failures at Petrobras and Issues with Fertilizer Agreement Calculations with Unigel, Indicating Losses and Irregularities.

Contract Between Petrobras and Unigel Raises Questions About Irregularities

Operation of the Agreement Between Petrobras and Unigel

Irregularities Identified in the Lease Agreement

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

BRICS is preparing a payment system inspired by the Brazilian PIX that will allow direct transactions between countries using national digital currencies without relying on the dollar or Western banks as intermediaries.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

On the coast of China, fishermen received an official reward after finding 10 foreign underwater devices capable of “stealing secrets” in just two years, showing that the silent war for the seabed has already reached the nets of those who rely on fishing.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After decades of selling cushioning and extreme protection, the new craze in trails and hiking shoes is precisely taking off your shoes.

A bridge costing R$ 379 million will replace the ferry that has been the only way to cross the Uruguay River between SC and RS for decades, and it promises to shorten the journey by up to 100 kilometers and nearly two hours.

A bridge costing R$ 379 million will replace the ferry that has been the only way to cross the Uruguai River between SC and RS for decades and promises to shorten the journey by up to 100 kilometers and nearly two hours.

U.S. buys mining company in Goiás for $2.8 billion to compete with China and secure production of rare earths essential for electric cars and defense systems.

AI is already reducing employment and income for young Brazilians.

TCU Points Out Irregularities in Partnership Contract Between Petrobras and Unigel

TCU Identifies Governance Failures at Petrobras and Issues with Fertilizer Agreement Calculations with Unigel, Indicating Losses and Irregularities.

Contract Between Petrobras and Unigel Raises Questions About Irregularities

Operation of the Agreement Between Petrobras and Unigel

Irregularities Identified in the Lease Agreement

While in Brazil a 10-story building takes 2 years to complete, in China a company stacks pre-fabricated modules and raises the entire building in just 28 hours and 45 minutes.

BRICS is preparing a payment system inspired by the Brazilian PIX that will allow direct transactions between countries using national digital currencies without relying on the dollar or Western banks as intermediaries.

The oldest tree in the world, alive since before the birth of Jesus Christ, is cut down in a scientific study and the case changes environmental preservation rules.

After ten days orbiting the Moon, science confirms that the astronauts of the Artemis II mission return with altered bodies.

On the coast of China, fishermen received an official reward after finding 10 foreign underwater devices capable of “stealing secrets” in just two years, showing that the silent war for the seabed has already reached the nets of those who rely on fishing.

An entire island in the Pacific wants to surround itself with a colossal barrier against the ocean to try to escape increasingly violent waves and not be swallowed by the sea in the coming decades.

After decades of selling cushioning and extreme protection, the new craze in trails and hiking shoes is precisely taking off your shoes.

Fragile negotiation between the USA and Iran drives oil prices up: what is happening?

Petrobras made two discoveries in the pre-salt of the Campos Basin in less than 30 days: “excellent quality” oil in Marlim Sul in March and hydrocarbons at 2,984 meters in April.

The government will pay R$ 1.20 for each liter of diesel that Brazil imports and for the first time in history requires distributors to reveal how much they profit — those who hide their margins will face fines of up to R$ 500 million…

Under kilometers of water, rock, and salt, Brazil hides a colossal wealth that led an official guide from the U.S. government to recognize the country as the owner of the largest ultra-deep oil reserves in the world.

Iran said that the Strait of Hormuz is open, but in practice only 1 non-Iranian oil tanker managed to cross in 24 hours — before the blockade, 100 ships passed per day.

A bridge costing R$ 379 million will replace the ferry that has been the only way to cross the Uruguay River between SC and RS for decades, and it promises to shorten the journey by up to 100 kilometers and nearly two hours.

A bridge costing R$ 379 million will replace the ferry that has been the only way to cross the Uruguai River between SC and RS for decades and promises to shorten the journey by up to 100 kilometers and nearly two hours.

U.S. buys mining company in Goiás for $2.8 billion to compete with China and secure production of rare earths essential for electric cars and defense systems.

AI is already reducing employment and income for young Brazilians.