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Brazilian Petrobras will continue the sale of refineries and its strategic plan

Rio de Janeiro, May 14 (EFE) .- The new management of the oil company Petrobras, Brazil’s largest company, said this Friday that it will maintain the strategic plan of the previous administration, including the millionaire plan for the sale of assets and refineries, and the concentration of its investments in the exploitation of the coveted pre-salt.

The commitment to the Strategic Plan for the five-year period 2021-2025 that the previous administration announced in November was ratified this Friday both in a teleconference with investors and in a press conference granted by the new directors.

These are the first public appearances of the new Petrobras executives since last April, when the presidency of the oil company, which is controlled by the State but has shares traded on the Sao Paulo Stock Exchange, was assumed by the general of the reserve of the Joaquim Silva e Luna Army, who replaced the economist Roberto Castello Branco.

The change of direction raised fears among investors about the possibility that the Brazilian president, Jair Bolsonaro, would try to intervene in strategic decisions of the company, such as the definition of fuel prices and the destination of investments.

But the new management sent a message of tranquility, in which it promised to continue generating income for investors.

Although Silva e Luna did not participate in either the meeting with the investors or the press conference, he released a video in which he promised continuity to the plans promoted by Castello Branco, a liberal economist who had the confidence of investors.

“We are confident that the greatness and strength of this company will continue to deserve the same trust that has been placed in us,” he said.

Silva e Luna recalled that the Strategic Plan foresees investments of 55,000 million dollars in five years and the entry into operation of 13 maritime exploitation platforms.

“With this set of actions, Petrobras will extract more oil than it has already produced in its entire history,” he said.

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The Strategic Plan foresees that the company’s production will jump from 2.75 million barrels per day of oil in 2021 to 3.3 million per day in 2025.

He also expressed his commitment to the millionaire divestment plan, with which the oil company intends to readjust its size and its enormous debt, and focus on more strategic and profitable activities, such as the exploitation of oil and gas in the gigantic reserves it has in the pre-salt , a promising horizon of exploitation in very deep waters of the Atlantic Ocean.

The divestment plan calls for the sale of eight of the company’s refineries responsible for half of the country’s refining capacity.

“We are disinvesting to invest more and better, concentrating our efforts on refining modernization, on the expansion of our refineries that are close to raw materials, pre-salt, and close to installed logistics,” he said.

At the press conference, the director of Marketing and Logistics of the company, Fernando Borges, stated that Petrobras obtained 2,500 million dollars with the assets it sold in the first quarter of 2021 and that the intention of the company is to accelerate the process in what remaining of the year, even overcoming the challenges posed by the covid pandemic. EFE

(c) EFE Agency

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