At its first investor conference after announcing the Petrobras’ profit of R$ 44.5 billion in the first quarter of 2022 the company’s new president, Jose Mauro Ferreira Coelho reiterated this Friday (6th) the commitments of the state-owned company with the international parity price (PPI) of fuels.
“What leads us to today’s results, in addition to the rise in the price of a barrel of oil, is responsible management. We cannot deviate from market prices, a necessary condition for generating wealth, not only for the company, but for the entire Brazilian society, for the country,” he said.
He classified the pricing policy as “fundamental” to attract investments in Brazil and also to guarantee the supply of oil derivatives that Brazil imports, in the case of diesel, Gasoline and LPG.
Ferreira Coelho’s comments came a day after President Jair Bolsonaro (PL) classify Petrobras’ profit as a “rape” . He also said that the state company “can no longer raise the price of fuel, this is a crime”, and criticized executive salaries.
“Petrobras people earn R$200,000, these people are not worried about the fuel price “.
The PPI was implemented in 2016, during the government of then President Michel Temer (MDB), and bases fuel costs on import expenses, which vary with the exchange rate and include transport costs and port tariffs.
The president of the state-owned company also stated that the Petrobras it is “one of the companies that collects the most taxes and government participation, appearing as the largest contributor in several states and municipalities, returning to society everything that generates value”.
“In the 1st quarter of 2022, it was R$ 70 billion [de arrecadação de impostos]. This collection promotes more investments, more economic development and generation of employment and income for all Brazilians. It allows investments in health, safety, sanitation and other important works for Brazilians. We will continue to work to produce even better and more robust results.”
During the conference, Ferreira Coelho also highlighted that his management is committed to Petrobras’ Strategic Plan for 2022 to 2026.
He foresees 15 new platforms in the period, 13 of them concentrated in the pre-salt , priority field of investments. The contributions should, according to the director, expand Brazilian production by 500,000 barrels a day. Petrobras also intends to proceed with the asset divestment policy.
“We will continue with the divestment of assets identified as non-core (non-strategic) for the company and objects of the Cessation Commitment Terms (TCCs) signed with the Administrative Council for Economic Defense (Cade), in refining in natural gas infrastructure. I emphasize here that we are not leaving the refinery. We are simply making a portfolio adjustment, keeping those plants that, according to our strategies, are more favorable”, he said.
The company’s forecast is to invest, over the next five years, R$ 7 billion in refining, with an emphasis on increasing safety and energy efficiency.
The plan is to replace all S-500 diesel for road use by 2026 with S-10, with lower carbon emissions. The director also points out the directions of the investment and divestment strategy.
“We will continue to adjust our portfolio to invest in assets in which we have clear competitive advantages. We will continue to divest in smaller assets that adhere to the strategy or that generate lower financial returns. It is something natural in a company the size of Petrobras. In addition to generating cash, it allows other companies to generate these resources, strengthening the economy,” he says.
Source: CNN Brasil
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