Petrobras privatization does not need to follow the Eletrobras model, says government

The executive secretary of the MME (Ministry of Mines and Energy), Marisete Pereira, said this Wednesday (8) that the privatization process of Petrobras does not need to follow the capitalization model adopted for Eletrobras.

According to her, the ministry is still waiting for a decree from President Jair Bolsonaro (PL) to start studies that will define the Petrobras sales model, which was qualified by the PPI (Partnership and Investment Program) on Tuesday (7).

“It doesn’t mean that Petrobras’ model is similar to that of Eletrobras”, said the secretary, in a lecture at Enase (National Meeting of Agents in the Electric Sector).

“It’s a new study, with a look at what kind of measures we need to address the different segments in which Petrobras operates”, he added. Pereira participated in the event virtually and, therefore, did not give interviews after the lecture.

In the privatization of Eletrobras, the government is selling new shares of the company, to reduce its share in the share capital, creating a company with no defined control. The model imposes restrictions so that investors have excessive power in the company’s decisions.

An eventual privatization of Petrobras is seen as more complex by the market, given the company’s economic power in certain segments of the oil and gas chain, such as the transport and storage of fuels.

The sale of the largest Brazilian state-owned company gained support in the face of rising fuel prices in the country, although it is not possible to guarantee that this process represents relief for the consumer.

President Bolsonaro himself admitted that the process would take years to complete, with no impact, therefore, on the current crisis.