The president of Petrobras, General Joaquim Silva e Luna, explained this Wednesday that the state-owned company needs to practice market prices and behave like a private company, not least because it cannot supply the entire Brazilian fuel market with its refineries, which operate with idleness of about 20%. According to him, despite avoiding immediately passing the volatility of prices of oil derivatives on the international market, it is necessary to make adjustments when a structural change in prices is observed, not only to avoid losses, but to give opportunity to other agents in the sector.
“We can’t serve the entire market, we have to have parity with imports. Supplying the market has to be an opportunity for everyone”, said Luna at a Credit Suisse event.
According to the Brazilian Association of Fuel Importers (Abicom), the lag for gasoline and diesel has already reached 10% in some Brazilian ports.
The price of fuel, with numerous criticisms of Petrobras, has been a banner of the President of the Republic, Jair Bolsonaro, who intends to zero federal taxes on diesel to ease the value at gas stations for truck drivers, his supporters in the last presidential election.
“Petrobras has social responsibility, but it cannot make public policy,” said Luna when asked about high fuel prices.
Petrobras’ CFO and Market Relations Director, Rodrigo Alves, said that in the last five years the state-owned company has paid more than R$1 trillion in taxes and that this would be the best way to return society. According to him, all the company’s return goes to taxes, dividends and investments.
“We have no interest in retaining funds,” said Alves, also during a Credit Suisse event.
According to Silva and Luna, the resources that Petrobras pays in taxes and dividends are capable of generating jobs, and this is the best way to give back to society. He explained that, despite being state-owned, the company cannot simply reduce the price of fuel and make a loss, as has happened in the past.
Silva e Luna highlighted that in 2021 Petrobras paid BRL 220 billion in taxes and BRL 27 billion in dividends just to the Federal Government. “A healthy and strong Petrobras for society generates great value”, he pointed out.
energy sources
Oil is an energy source that will last a long time in the world, but Petrobras is preparing for the energy transition and is studying nine alternative sources, including nuclear energy, but also with an eye on solar, nuclear and hydrogen, said the president of Petrobras at the Credit Suisse event.
The company created a research committee to find out what would be the best synergies for Petrobras in the future.
According to Silva and Luna, in the area of nuclear energy, the construction of small reactors (Small Modular Reactor) could be analyzed, a new technology that has been attracting the interest of the whole world, due to the reduction of costs and the possibility of installation close to the consumption center. .
But, according to him, at the moment the focus is on reducing oil costs and emissions, which will ensure that fossil fuel consumption continues.
“We need to be able to produce oil with the lowest possible carbon index at a very resilient price, so that it can, with the reduction of incentives, be competitive in this area”, explained the executive.
According to Rodrigo Alves, the company has a robust strategy and a competitive portfolio to face the energy transition. “The fact that we have managed to adapt our capital structure gives us the comfort of working in the energy transition with more conscious, more rational decisions that obviously generate value, that generate return”, said Alves, considering that Petrobras is very well positioned in the transition scenario.
refineries
The deadline for the sale of the eight Petrobras refineries has already expired (December 2021), the state-owned company has been negotiating with the Administrative Council for Economic Defense (Cade) to proceed with the sale plans, informed the company’s main executives at the event Credit Suisse.
The only unit sold was the Bahia refinery, formerly Rlam and today the Mataripe Refinery, controlled by Acelen, a company belonging to the Mubadala investment fund.
According to Silva and Luna, some refineries stopped being sold because they did not receive adequate proposals, below the reference value, and the one in Pernambuco (Rnest) did not receive a proposal.
According to Rodrigo Alves, the company “is heading towards the closing of Reman and Six as well”, referring to the Isaac Sabbá (Reman) refineries, in Amazonas, and SIX in Paraná.
“Our interest is to relaunch the (sales) process of those that were not successful, we have two ongoing negotiations which are Lubnor (CE) and Regap (MG), and to relaunch Repar (PR) and Refap (RS), and at Rnest there was important feedback that was the risk of completion of the work”, said Alves, emphasizing that Petrobras will start the works of Rnest while negotiating the sale.
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