The Bank points to disruptions in the current government series in government management – 13/04/2019 – the market



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Although the biggest response was on the market, the 5.7% drop in the price of diesel fuel announced on Thursday was not the only sign of interference in the management of Petrobras since the beginning of Jair Bolsonaro (PSL). .

The UBS analysts report also point to the pressure to invest in Israel, the minimum deadlines for the repair of diesel fuel, and the creation of the Truck Truck card.

At the beginning of the run, Bolsonaro also tried to set up a friend who would run the company.

On Friday, President Petrobras Roberto Castello Branco confirmed that the suspension of the adjustment was adopted following the President's warning of the danger of a strike by truck drivers, but said that the company was "completely autonomous". decision making.

I received yesterday [quinta] At the end of the day, President Bolzonaro's phone call, warning me of the dangers of a diesel fuel increase issued by Petrobras, wrote: "Castello Branco, traveling to the United States, wrote:" I thought the President's concern was legitimate. "

However, analysts, industry leaders and people close to the state headquarters, say that signs of interference have accumulated since the beginning of governance and that they are reinforced with statements by the top management of the Bologna administration.

At the beginning of January, Castello Branco ordered Carlos Guerrero Nagome to take over the leadership of Petrobras's intelligence and security service. Bolsonaro is called a "private friend", he is a professional referent, but he never took on a leading role.

The president defended the appointment on social networks, but the board, which analyzes postulants in positions at the top of the company, rejected it because Nagem did not have minimum requirements for this place.

The government has also pushed the company to support oil exploration along the Israeli coast at a time when the company decides to concentrate its efforts on the production of Brazilian pre-salt.

The state's participation in Israel took place during the official visit to Bolsonaro in late March.
State Energy Minister Yuval Steinitz said he expects the company to be auctioned where the state offers 19 research blocks.

Regarding diesel fuel, the first mediation signal was given on March 26, when Petrobras announced a minimum period of 15 days for adjusting and setting up a fixed-price fuel card.

As of Thursday, the company first stated that this was an internal decision. The next day, Bolsonaro took responsibility for the government and congratulated Minister Bento Albuquerque on the measures.

"Investors can interpret this as an influence of the controlling shareholder on the decision making of the company, as happened in the past," said analysts Luiz Carvalho and Gabriel Barra of UBS on Friday.

The news revived memories of the period of fuel price control, which insured the company in 2013 at the top of the list, prepared by the Bank of America with the most indebted companies in the world.

In a notice sent to CVM, Petrobras says it will maintain an international parity policy on fuel prices and that the suspension of the adjustment will be "a few more days". Castello Branco did not respond to the interview.

Bolsonaro lingered on Thursday afternoon because he had to go to Chicago where he attended the conference. In the absence of the President, the Governing Board explained to the National Committee the withdrawal.

A List found that there were concerns about the impact of the measure on the company's accounts and the risk of further policy interference in the management board members.

In addition, they wanted to know what the company understood about the abuse of the controller's power in this episode.

Given the volume of sales of diesel fuel in the country in 2018, the suspension of the adjustment to the state-owned company would cost around $ 14 million, which would mean additional revenue that would be gained by collecting Rk 0.127 more in each liter.

Managers and industrial analysts also say that price disruption can affect the country's sales process – thinking about the supply of some of its refineries – and attracting investment in the fuel industry.

"Government intervention in Petrobras is indicated," said President Abicom Sérgio Araújo. "The practice of predatory pricing eliminates the competitive market, strengthens the monopoly and undermines society."

At the end of May 2018, import companies reduced their activities in the country from the start of the subsidized diesel subsidy program. In November, Raízen, which operates under the Shell brand, announced a reduction of $ 2 billion R $ investment.

"Everyone is scared, a step back," said Leonardo Gadotti, president of Plural (distributor's representative). "This is frustrating because we are generally on the right track to have a more open market and attract investment," he said.

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