Now, the company will be included in the Investment Company Program (PPI, for its acronym in Portuguese) carried out by the Minister of Economy, Paul Guedes.
In a statement, the Ministry of Mines and Energy reported that the “The de-essification of Petrobras is a timely proposal due to the current energy situation, compared to the global geopolitical situation”.
The process for the privatization of Petrobras requires the approval of several supervisory bodies of the State and Congress, for this reason analysts see the distant possibility and just as a wink from Bolsonaro to the liberal sector of the media and the financial market in the face of his re-election.
Bolsonaro publicly complained about the “greed” and “extraordinary profit” of Petrobras with the international price parity policy in the domestic market, despite the fact that the administration of the company depends on the Executive Branch.
The president changed three presidents of the oil company but maintained the policy line of international prices that are passed on to service stations.
The announcement is part of the government’s agenda for a possible second term of Bolsonarowhich promised to divest itself of more public companies after having sold the Petrobras subsidiary, Br Distribuidora, the largest network of service stations, and a refinery.
This legal move toward the privatization of Petrobras, Brazil’s largest company and a leader in deepwater exploration, follows the ongoing process of selling the power giant Eletrobrasthe largest electric company in Latin America.
Last Friday, Eletrobras delivered the necessary documents to carry out the offer of shares with a view to its privatization, officially launching an operation that could generate 30,000 million reais (6,250 million dollars) according to government estimates.
Eletrobras’ capitalization will be listed on June 9, according to a statement delivered to the national securities commission (CVM).
The transaction will involve a primary and secondary offering of common shares carried out simultaneously in Brazil and abroad. The primary offering will initially be for 627,675,340 new shares.
This privatization will be carried out through a movement of the share package and not an auction for a company as was done in the nineties with the telephone companies.
The state would keep less than 40% of Eletrobras’ ordinary shares.
Currently, the firm is responsible for a third of Brazil’s energy generation, with an installed capacity of 50,000 megawatts (MW) and more than 70,000 kilometers of power lines.
The company increased its profits by 68% in 2021, in the year-on-year comparison.
Source: Ambito
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