Uncategorized

UNDER NEW MANAGEMENT, SCHAHIN OIL & GAS CHANGES NAME TO BASE

JUNE 2, 2017

 

Schahin OIL & GAS has a new face. Or rather, new name. The company that carried the founders’ last name for 50 years is now called Base. The move is part of the restructuring following the corruption scandals discovered by the Lava Jato operation and follows the course of the judicial recovery process faced by the company. The name change is a trend that begins to be studied by the contractors involved in the schemes discovered by the Federal Police and can be adopted soon by other large national companies affected by Lava Jato.

The new phase of Schahin includes the creation of a compliance area, changes in the board of directors, now under the leadership of Marcos Sarge, on the board of directors and even at the company’s headquarters, which will move to another address in São Paulo .

The main source of revenue for the continuity of the recovery plan is the Vitoria 10,000 FPSO, which was the center of charges of kickbacks, and yields R $ 22 million a month for the company under contract with Petrobras. However, the deal is also at risk, as Petrobras has been waging a legal battle against Schahin to rescind the contract.

In February of this year the company obtained a victory in court against Petrobras, after Judge Marcelo Sacramone, of the 2nd Bankruptcy and Recovery Court of São Paulo, made definitive his decision to prohibit Petrobras from terminating the contract of the Victory 10,000.

Petrobras had notified Schahin about the non-payment of the financial installments, totaling more than U$ 2.1 million, but the company claimed that the unit was docked, so it was not receiving the revenues that would be used to pay the amounts.

With this, in November, when the lawsuit reached the 2nd Bankruptcy and Recovery Court of São Paulo, Judge Sacramone considered that “this default is not sufficient to justify the immediate termination of the contract”, determining the suspension of termination in a preliminary injunction granted in the decision which became definitive months later.

In Schahin’s recovery plan, the vessel’s revenue was indicated as part of the company’s guarantees to creditors, with six contracts with Petrobrás, but after the financial problems brought in with Lava Jato investigations, the company lost five of these contracts with the Petrobras for having paralyzed the operations alleging lack of resources.

The Vitoria 10,000 is also part of a series of investigations by Lava Jato. According to the investigations, the contract of R $ 1.6 billion, signed between Petrobras and Schahin for the operation of the unit, had been signed under a corruption scheme involving the PT Party and businessman José Carlos Bumlai, as well as former congressman Eduardo Cunha, currently imprisoned in Curitiba.

Categories: Uncategorized

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