Prates has the green light from compliance and should take over Petrobras on the 5th

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After having the approval of the compliance department, Senator Jean Paul Prates should take charge of Petrobras this Thursday (26). The information was confirmed by sources of the state-owned company CNN .

The nomination of the senator by the PT of Rio Grande do Norte had been made official on January 12th. Since then, the Governance and Compliance team has looked into the curriculum and the political and business connections of the potential future executive, but they have not found anything that could veto the name to the position.

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The meeting of Petrobras’ Board of Directors had already been scheduled at the beginning of the month and will be held this Thursday (1/26) at 9 am. It is likely that, after having the name approved, Prates would already take office on the same day, at the end of the afternoon, or the very next day.

Collegiate members heard by CNN are divided on the possibility of the meeting arousing some kind of resistance to the senator’s name. Initially, he will have to be elected to compose the Council, in the vacancy left by Caio Mário Paes de Andrade, who assumed a position in the government of São Paulo. Afterwards, he is invited to participate in the meeting, and his name is voted on to occupy the presidency.

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Asked by CNN Jean Paul Prates declined to comment on the matter as he is not yet officially in charge of the company.

He will take over Petrobras shortly after a new increase in the price of gasoline comes into force, with a liter 23 cents more expensive. The decision was announced this Tuesday (24/1) and will take effect on Wednesday (25/1).

Diesel oil, however, remains 7% cheaper at Petrobras centers than the import value according to the Brazilian Association of Fuel Importers (Abicom). Last week, Acelen’s private refinery, which is located in Aratu (BA), had already decided to increase the liter of diesel by 48 cents, an indication that the movement can be followed by Petrobras.

Prates proposes a smooth management, with predictability but a change of strategy and conduct. He defends the creation of a fuel price stabilization fund within the scope of the Ministry of Mines and Energy and promises to suspend the sale of refineries to redo the studies that based this strategic decision by the company.

There is great expectation in the market about the possibility of changing the distribution of the oil company’s dividends. Today the shareholders keep a good slice of Petrobras’ profit and have periodic payments of the values. The policy is questioned by PT leaders, such as President Gleisi Hoffman, and could be on Prates’ radar.

Even if he takes over Petrobras this Thursday, the senator will not be able to make big changes right away. Most of the company’s strategic decisions are taken with the consent of the Board of Directors, which today has five remaining from the Bolsonaro government, a worker representative and four members appointed and elected by other shareholders.

Even changing directors requires approval from the Board. The company’s board currently has eight directors on its staff, most of whom made careers within the state-owned company or in the oil and gas area.

The change at the top is the first step to change the fuel pricing policy. Prates argues that an international rather than an import parity should be respected, which could make the price variation rule more subjective.

Despite having opened a transparency portal, Petrobras does not reveal the methods used to raise or lower the amount it charges distributors for gasoline, diesel, kerosene and asphalt, for example. Although the rule is to adjust prices to what importers charge, executives do not point out which references and triggers are used for these changes.

Source: CNN Brasil

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