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Bento Albuquerque, Minister of MME, Said That the TCU Denies the Suspension of Sale of the Landulpho Alves Refinery of Petrobras to the Mubadala Group in Bahia
Bento Albuquerque, Minister of MME, told deputies during the Mines and Energy Commission held in the Chamber that the sale of the RLAM – Landulpho Alves refinery in Bahia (owned by Petrobras and sold to the Mubadala Group) was authorized by the TCU. Yesterday, Wednesday (12/05), the TCU denied the request to suspend the sale of the Landulpho Alves refinery. See also: Mubadala Group Acquires Refinery RLAM from Petrobras for US$ 1.65 Billion in Bahia
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MME Minister States That the Sale of the Petrobras Refinery Was Properly Authorized
The Minister of Mines and Energy (MME) informed that everything was clarified with the Federal Court of Accounts. The process of selling the refinery in the state of Bahia is properly authorized by that court and by all public agents involved in this process, Bento confirmed.
In March of this year, the TCU determined that the technical areas of the agency evaluate the sale value of the refinery, which is 45% lower than the base scenario calculated internally by Petrobras itself. However, Petrobras estimated the Landulpho Alves refinery at US$ 3.04 billion, while the sale contract, approved by Petrobras’s board and council, was for US$ 1.65 billion.
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According to the MME minister, the sale value of the refinery in Bahia to the Mubadala Group was verified by independent auditors to ensure the integrity of the contract. Bento said that all of this is also documented and was presented to the TCU – Federal Court of Accounts.
TCU Publishes Note Denying the Request for Suspension of the Sale of the Refinery in Bahia
The Federal Court of Accounts again denied the request to suspend the sale of the Landulpho Alves refinery from Petrobras to the Mubadala fund in the state of Bahia. The TCU took into account that the sale made for US$ 1.65 billion, with a discount compared to initial projections, was “technically based and in line with the systematic divestitures of Petrobras assets.”
The TCU had previously raised doubts about the sale value of the refinery, being about 45% lower than the base value defined internally by Petrobras. Yesterday, in addition to indicating the compliance of the Petrobras sale to the Mubadala Group, the TCU rejected requests from federal deputies Arlindo Chinaglia Júnior (PT/SP), Elvino Bohn Gass (PT/RS), and Joseildo Ribeiro Ramos (PT/BA).
For the TCU, there is no need for urgent action as the sale operation of the Landulpho Alves Refinery by Petrobras is contractually scheduled to close in September this year.
The FUP – Unique Federation of Petroleum Workers, stated that the TCU’s action was unfair and, as it is an administrative order, it can be reversed in court. In a statement, the federation says: “As the approval of the control agency harms not only the oil company but all Brazilian society, the FUP and its unions will reinforce the legal actions against the sale of the plant ‘at a bargain price’. They will also expand political articulation in the National Congress to prevent the delivery of national public heritage – which involves not only the Bahian refinery but other refining plants and assets that Petrobras management is privatizing.”
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