Government studies fund with Petrobras shares to finance actions to combat poverty

The government is studying directing the shares of Petrobras and other companies currently in the portfolio of BNDESPar, the equity arm of the BNDES (National Bank for Social Economic Development), to a fund that will finance infrastructure and fight against poverty, in addition to reducing the indebtedness of the parents.

According to a member of the economic team, the contribution of these assets to the so-called Fundo Brasil could be made later this year, although the plan is still under discussion.

The intention is that in the future, BNDESPar will sell these shares on the market, using the money for the specified destinations.

The Economy Ministry’s plan is to direct 50% of revenues to debt reduction, 25% to cash transfers and 25% to a “national reconstruction plan”.

In parallel, the government is also carrying out studies to elevate Petrobras to the so-called Novo Mercado, on B3. This category of listing of publicly traded companies requires a higher standard of governance.

One of the Novo Mercado requirements is that the company has only common shares, with voting rights. Today, common and preferred Petrobras shares are traded on the market, which do not have voting rights.

The evaluation by the economic team is that the migration of the state-owned company to the Novo Mercado may increase the value of the shares that are currently in the BNDESPar portfolio. The asset, valued at R$30 billion at the beginning of the year, could be worth around R$50 billion.

The appreciation would make the sale of Petrobras shares even more advantageous for the government, from a revenue point of view. This operation, however, is not expected to take place in 2022.

The sale of the shares that are in BNDESPar’s portfolio would imply loss of control by the Union over Petrobras, which would pass into the hands of the private sector. For this, the government needs a constitutional amendment, to be approved by the National Congress.

A member of the economic team says that the strategy of directing shares to the Brazil Fund, with part of the resources destined for works and income transfers, is an attempt to anticipate the demands of the political class in order to go ahead with the privatization of the company. .

The process is compared to the approval of Eletrobras privatization, which only passed the Legislature after the government ceded part of the funds obtained for works, such as the revitalization of the São Francisco River —demand from the Northeast bench—, and to lower electricity tariffs. of consumers.

At the beginning of the government, President Jair Bolsonaro (PL) took a stand against the privatization of Petrobras and Banco do Brasil.

Since the end of last year, however, the increase in fuel prices and its effects on the government’s assessment have led Bolsonaro to indicate a possible sale of the company.

On October 14, the president said he had “will” to privatize Petrobras.

On the 25th of the same month, he spoke again of a possible privatization of the company, although he highlighted that such a process would be a “huge complication”.

“When we talk about privatizing Petrobras, this has entered our radar. But privatizing any company is not as some think, taking the company, putting it on the shelf and tomorrow whoever gives the most takes it away. It’s a huge complication, even more so when talking about in fuel,” he said.

“If you take the monopoly of the state and put it in the monopoly of just one person, private, it’s the same thing — or maybe even worse,” he declared.