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Petrobras does not want a monopoly, says president

 

By Argus

RIO DE JANEIRO
Petroleumworld 03 19 2019


Although the dream of Roberto Castello Branco, president of Petrobras, to privatize the company is impossible, the executive has concentrated efforts to make the company "as close as possible to a private institution and to generate value for the shareholder, who is Brazilian society" , said the economist during the seminar "The New Liberal Economy," held this Friday at the Getúlio Vargas Foundation (FGV) in Rio de Janeiro.

After quoting the Rolling Stones' song "You can not always get what you want", Castello Branco said that if compared to similar companies like Exxon, Total, Chevron , among others, Petrobras is far behind, because of the "excessive intervention of the Brazilian state" in the company.

The executive stressed that among Petrobras' pillars is the improvement of capital allocation, which includes focusing on the company's natural assets, such as the pre-salt.

The sale of part of the refineries returned to the speech of Castello Branco during the event. Assets that, according to him, "can generate more value for the economy of the country in the hands of others".

The refineries' divestment movement is a reflection of the state's willingness not to be a monopolist, the executive said. "We have about 98pc of refining capacity, which is absurd, we are going to sell and take away any temptation to exercise monopoly.

Castello Branco said that in the first months of the year, US $ 10 billion in divestitures were announced and that the possibility of the value going up three or even four times in a period of 12 months was announced. The state's president did not detail what assets are part of that estimate.

Regarding the natural gas segment, the executive said that, like oil, the commodity is the focus of Petrobras. "We see the transformation of liquefied natural gas (LNG) into a global commodity. We have to create conditions in Brazil to attract private initiative and investments [for the natural gas sector.] LNG is a cheaper and cleaner fuel," he said.

 


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Story from Argus Media. Free translation Petroleumworld.

argusmedia.com 03 18 2019

 

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