For Pedro Rodrigues, from CBIE, the advice increases uncertainty about investments in Brazil
O Power360in partnership with the CBIE (Brazilian Infrastructure Center), launches this Friday (May 31, 2024) another episode of the program Infra in 1 Minute. In weekly analyses, Pedro Rodriguespartner in the consultancy and specialist in oil and gas, talks about the main issues related to the energy sector.
The program is published every week on channel of Power360 on Youtube. sign up here and turn on notifications.
In this 89th episode, Rodrigues talks about the decision of the Cade Administrative Court (Administrative Council for Economic Defense) to comply, on May 22, with requests from Petrobras and the government to change 2 agreements that obligated the state-owned company to sell refineries and oil assets. natural gas.
In 2019, in the government of Jair Bolsonaro (PL), Cade and Petrobras signed 2 TCCs (Terms of Cessation Commitment). The 1st, in the refining area, determined the sale of 8 of the company’s 13 refineries. The 2nd, focused on natural gas, required the privatization of 3 gas pipelines and the end of the shares of the former Gaspetro (current Commit Gas).
After 5 years, only 3 of the 8 refineries were transferred to the private sector. And one of the 3 gas pipeline networks remains under the control of Petrobras, TBG (Transportadora do Gasoduto Brasil-Bolivia).
Still during the Bolsonaro government, the state-owned company alleged difficulties in finding interested parties for the assets. And when the president Luiz Inácio Lula da Silva (PT) returned to Palácio do Planalto, in January 2023, the privatization processes stopped.
With the changes to the TCCs approved by Cade in May, Petrobras will not need to dispose of TBG and refineries in Pernambuco, Paraná, Minas Gerais, Rio Grande do Sul and Ceará.
For the CBIE partner, Cade’s decision “increases legal and regulatory uncertainty for investments in Brazil”. For him, the entity acted differently than expected: “The role of competition defense bodies around the world is to defend the interests of consumers and not those of companies. Petrobras’ monopoly remains and, with Cade’s consent, even stronger”
Watch (2min57s):
INFRASTRUCTURE IN 1 MINUTE
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