In a meeting with the government, Petrobras reported that it will sell 50% of its refineries from the month of June. The company currently has 13 refining units, which has the capacity to process 2.2 million barrels of oil per day. According to the president of the state, Roberto Castelo Branco, the action seeks to stimulate competition in the sector with the reduction of the company's participation, as well as to promote a cheap energy shock – a strategy announced by the Minister of Economics Paulo Guedes.
Castelo Branco is aiming and has already begun to put into practice the sale of the assets of the company, the intention is to concentrate the activities in the process of production and exploration of oil, especially in the area of the pre-salt. However, there is a concern on the part of the state's management in structuring the process so as not to be monopolized in the hands of only one investor.
After the recent market reaction as to government interference-which requested the reversal in the price adjustment of the diesel-Bolsonaro team came back in the decision and stated that Petrobras is free to define when and how high the fuel value will be. Last week, Petrobrás announced a 5.7% adjustment in the price of diesel, but in fear of "dam" and a new strike by truckers, Bolsonaro asked for suspension. To minimize the damage, Guedes clarified that the Government will not adopt an interventional policy.
The episode around the intercession of the government in diesel was one of the fears of investors for the disinvestment negotiations in part of the company's portfolio, but the position of the economic team and the announcement of a package of measures for the truckers, made The market responds well and Petrobras ' preferred shares (without voting) closed with a 3.05% high, on Tuesday, May 16.
The doubt that still hangs is about the real need to sell the refineries, since they generate astronomical profits to state and, as already known, Brazil is a "needy" country of oil refining units.
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