Petrobras defends that selling refineries is vital and subsidiary model brings more value

Petrobras’ asset portfolio reorganization program, which foresees the sale of eight refineries, is vital to the health of the company that remains the “most indebted oil company in the world”, said the lawyer for the state-owned company, Tales David. Macedo, in support of the Federal Supreme Court (STF).

The judgment, in an action against sales without legislative approval filed by the Congressional Executive Boards, will define the process for the state company to sell assets that are among the most important in the divestment program.

“The investment portfolio reorganization program is vital to the company’s financial health. Petrobras remains the most indebted oil company in the world,” he said, citing US $ 91 billion debt.

“It is easy to understand that we are not talking about equity dilapidation, because when divesting to reinvest, what you are doing is building a more solid, bigger, more efficient, resilient and competitive company”, he reinforced.

The defender pointed out that the model for setting up subsidiaries for the sale of refineries, questioned by Congress in the action at the Supreme Court, “is the one that most adds value to the asset, being the most efficient way”.

He also said that the eventual sale of the refining units in Bahia (Rlam) and Paraná (Repar) represent only 3% of the state’s assets.

Shortly before, Senate attorney general Thomaz Henrique de Azevedo said in his support that Congress does not want to make the sale of refineries unfeasible, but to participate in the entire discussion.

According to him, there is no rejection of the plan for the intended divestments, but the attempt for the Legislature to participate in the debate.

Other oral arguments occur at the trial at the moment and, after this stage, Minister Edson Fachin, rapporteur of the action, will present his vote on the matter.

Source: TNPetroleo

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