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RIO – The President of Petrobras, Roberto Castello Branco, pronounces this Thursday 25, for the first time after the intervention of Jair Bolsonaro in the state company – indicated the reserve general Joaquim Silva and Luna for the command of the company, amid criticism of the company’s fuel pricing policy, which follow the international price of oil.
Presenting Petrobras’ results for the fourth quarter of 2020 to market analysts, Castello Branco said there is no overstatement of fuel prices in Brazil, although taxes are high. “I say this based on statistics with prices from 160 countries. The country’s average prices are below the world average. Even if we correct for per capita income, prices are slightly below the world average,” he said on the conference call.
He defended the state’s fuel price policy, the International Parity Policy (PPI). “It is surprising that we pay so much attention to the issue of PPI in the 21st century. Oil is a commodity, charged in dollars, there is no escape,” he said. “The company is still heavily in debt, in dollars, how to reconcile income in reais?” Said the executive, adding that “if Brazil wants to be a market economy, it must have a market economy.” “Prices below the market have negative consequences.”
This year Petrobras has already readjusted prices at its refineries four times. As a result, diesel and gasoline accumulated an increase of 27.5% and 34.8%, respectively, in 2021.
The 2020 figures, published on Wednesday 24, show that the company had a net profit of R $ 59.9 billion in the last three months of the year, a jump of 635% compared to the same period of 2019, a result much greater than expected. .by analysts and the highest in a quarter, at least, since 2008. In the accumulated result of the year, the company achieved a positive result, but much lower, of R $ 7.1 billion.
“Today’s Petrobras is better than a year ago,” said Castello Branco. “Our commitment was to end (the crisis) better than we started.” With the result, the oil company managed to reverse the loss of the first three quarters of the year, erasing the losses caused by the COVID-19 pandemic, which stopped the economy and affected oil demand.
However, the gains were mainly made, for reversals of punishments that were made due to the crisis caused by covid-19, but they could be undone in the wake of the resumption of the world economy.
The executive highlighted the adoption of the central office by company employees during the pandemic. “The head office contributed not only to reducing coronavirus contamination, but it also contributed to reducing costs and increasing productivity,” he said. According to him, the home office is an innovation that demands the moment and “the winner is the one who knows how to change.”
In the past week, Bolsonaro criticized the fact that Castello Branco is working from home due to covid-19: the executive is over 60 years old and is part of the risk group for the disease. “The current president of Petrobras has been out of work for 11 months. He works remotely. The boss has to be in charge, as well as his directors. This for me is unacceptable. I found out a few weeks ago,” he said. President.
Castello Branco also mentioned the distribution of R $ 10.3 billion in dividends in April. According to him, the return to shareholders “is very poor, but it is what we can do.”
Change of command in the state company
The executive said that the transition from leaving the company to join Silva y Luna “should be smooth” and that he will be available to help make it happen. However, he said he has no information about the command transmission process.
The consequences of his departure from the Petrobras presidency, scheduled for March, focused analysts’ questions on the teleconference.
Criticized by Bolsonaro for increases that would have been excessive in fuels, Castello Branco said that decisions on the issue are a reflection of the oil market, taking into account the principles of governance. “Nobody stays at home raising prices, it’s a team effort,” he explained.
He stated that he will continue to encourage a virtuous track record for Petrobras, even outside the company, and declined to comment on the future of the company. “I should not and I can not comment, it is up to those who succeed me,” he stressed.
When consulted, he informed that the board of directors will remain until the end of the period (March 20) and that it will continue to work until then with a strong commitment to the company.
Petrobras shares have risen this Thursday: at 11:53 am, the shares of ON advanced 2.27% and those of PN 1.76%. The Ibovespa, the main index of the Brazilian stock market, rose 0.71%. Earlier this week, the state’s shares fell more than 20% in B3.
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