Petrobras says the government does not have studies on the privatization of the company

Petrobras released a statement on Friday (5) stating that it has received feedback from the federal government about possible moves involving its privatization.

In recent weeks, President Jair Bolsonaro (non-party) has mentioned the possibility of continuing a possible privatization of the company. The matter was also commented on by the Minister of Economy, Paulo Guedes, and by the President of the Chamber of Deputies, Arthur Lira (PP-AL).

According to the company, however, there is no study done in this regard so far.

“The Ministry of Mines and Energy (MME) responded to the consultation stating that it is not aware of the existence of any decision, act or relevant fact of the Federal Government that should be communicated to Petrobras for subsequent disclosure to the market”, says an excerpt of the note.

“As of yesterday, the Ministry of Economy (ME) sent a formal communication stating that there is no relevant fact to be communicated to the market by the Union at this time or recommendation to include the privatization of Petrobras in the Investment Partnership Program and that there are no studies or ongoing evaluations that deal with the topic within the scope of the Special Secretary of the ME’s Investment Partnership Program”, complemented the report.

Recall mentions of Petrobras privatization

“I already want to privatize Petrobras, I’m going to see with the economic team what we can do”, declared Jair Bolsonaro in an interview on October 14th.

At the time, the president had complained that he had been named “guilty” for the subsequent increases in fuel prices. The comments also came after the approval, in the Chamber of Deputies, of changes in the ICMS calculation.

“There is a policy that has to be revised, because today it is neither public nor completely private. It only chooses the best ways to perform resources and distribute dividends. So would it not be the case to privatize Petrobras? Is it time to discuss what is the role of Petrobras in the country? Is it to distribute dividends?”, commented Congressman Arthur Lira, president of the Chamber, to CNN.

In the same week, Paulo Guedes had defended that the government could sell shares in the state oil company at a time when the shares appreciated. According to the minister, it would be possible to distribute part of the gains to the most vulnerable population.

Days later, Bolsonaro returned to comment on the topic in an interview. “Can I interfere with Petrobras? I will respond to process. The president of Petrobras will end up being arrested. It’s a state company that, with all due respect, only gives me a headache. (…) Maybe even put it on the privatization radar”, he told Jovem Pan News.

The president minimized the state’s productivity rates during the year. “An adviser came to me: ‘Look, Petrobras has just broken a record in barrel production per day, 3 million and a few barrels.’ Then I said: ‘And what is the consequence?’ (…) It is a company that today is providing services to shareholders, and no one else”, he said.

*With information from Henrique Andrade, from CNN