Sale of Petrobras refineries does not violate STF decision, says government

Mesas da Câmara dos Deputados, Senate and Congress, na semana passada pediram ao STF liminar para impedir a venda pela Petrobras de duas refinarias.

Reuters

Petrobras' decision to sell part of its refining assets is in line with national energy policy and does not go against the decision of the Supreme Court (STF) about destatization, defended the Ministries of Economy and Mines and Energy in a joint note on Monday.

The manifestation of the portfolios follows the movement of the Tables of the Chamber of Deputies, Senate and Congress, that last week asked the STF injunction to prevent the sale by Petrobras of two refineries, claiming that operations would need legislative endorsement. In all, Petrobras that dispose of 8 of yours 13 refineries up 2021.

According to the ministries, there is a decision by the STF that the requirement for legislative authorization does not apply to the sale of control of subsidiaries or controlled companies, which can even be done without bidding, respected the requirement of competitiveness in the divestment process.

"In this way, the Ministries of Mines and Energy and Economy reinforce the need to enforce the previous decision of the STF and support the process of transition from the refining segment to a framework of greater plurality of agents, more open and dynamic ”, stated in the statement.

Read the full note:
Petrobras' decision to sell part of its oil refining assets is in line with its strategic and strategic guidelines and objectives, at the same time, in line with the National Energy Policy's objective of promoting free competition in the sector, as well as preserving consumer interests.

In September 2016, Petrobras announced, in your Business and Management Plan 2017-2021, its repositioning vis-à-vis the market in which it started to aim at maximizing the value of the Company through an active management of its portfolio, with investments concentrated in the oil exploration and production sector.

Besides that, the company started to adopt strategies to promote market price policy and maximize margins in the value chain, as well as reducing risk in exploration and production, refining, transport, Logistics, distribution and marketing, through partnerships and divestments.

In a first moment, these directions made the import activity, which was exercised almost entirely by Petrobras, more attractive and enabled the operation of other economic agents, as well as making investments in the sector, resulting in a competitive business environment. In 2019, the participation of other agents in the import of diesel oil and gasoline was, respectively, 68% e 65%, resulting in more competitiveness in the sector and benefits for society.

In April 2019, advancing in its strategy, the company included eight refineries in its divestment projects, totalizing 1,1 million daily oil processing capacity, or equivalent to about 50% of the Brazilian refining park.

REGAP refineries, RLAM, RNEST, LUBNOR, REMAN, REFAP, REPAR and SIX should be sold until 2021, in accordance with the Term of Commitment for Termination of Practice, in June 2019, between Petrobras and the Administrative Council for Economic Defense (CADE). The Competition Defense Authority considered that there was a high concentration in the refining segment, recommending that the sale of refining assets take place in full, without active or passive participation of the Company in the corporate structure of the seller; e, to promote regional competition.

In line with CADE guidelines, materialized in Technical Note No. 37/2018 / DEE / CADE, December 2018, the National Energy Policy Council (Cnpe) made a historic decision to promote competition in the oil refining activity in the country by approving Resolution no. 9, of 9 from May of 2019, with the objective of stimulating the entry of new actors and attracting investments to the sector.

As a result of this process, there is expectation of greater competition in the primary supply of fuels, ensuring that the market will continue to be able to serve the Brazilian consumer, with better offer conditions, price and quality of products.

It should be noted that the Plenary of the Supreme Federal Court (STF) decided favorably for the disposal of the control of public companies and mixed capital companies in the following terms: the sale of control of public companies and mixed-capital companies requires legislative authorization and bidding; e
the requirement for legislative authorization, however, does not apply to the sale of control of its subsidiaries and controlled companies. In this case, the operation can be carried out without the need for bidding, provided that it follows procedures that observe the principles of public administration, subscribed to art. 37 of the Constitution, respected, always, the requirement of necessary competitiveness.

In this way, the ministries of economy (ME) and Mines and Energy (MRS) reinforce the need to enforce the previous decision of the STF and support the process of transition from the refining segment to a framework of greater plurality of agents, more open and dynamic. Ministries have been working to prepare the sector for this transformation, together with other bodies and with broad participation of the sector, representative entities and other interested parties, through the Abastece Brasil initiative, based on governance, in stability, with legal and regulatory certainty, and predictability, fundamental conditions for making investments in the sector.