Petrobras’ BBB 24 shack – 04/06/2024 – Vinicius Torres Freire

Petrobras’ most important issues are pricing policy, research and investment plan — how much goes into oil, fossil fuels or renewable energy. The oil company is the only state-owned company, perhaps the only company in the country, that can be called “strategic”, as the left likes to say, even a dogão stand.

More important is the national oil and energy policy. That is, knowing how much more oil will be explored and what economic alternatives are available that preserve the security of energy supplies. Or know what will be done with taxes, dividends and other oil money. For now, such revenues barely help cover the expenses of the very deficit government. How would it be possible, then, for oil exploration to help finance research and development of renewable energy? What can be done about it?

There is no national oil and energy policy, just disorganized disputes in a government that will already complete a third of its mandate. Petrobras, Environment, Mines and Energy, Civil House and Finance, to name the most influential, in this case, have different or even opposing ideas on the matter. There is no decision on direction and project.

There is not even any policy for Petrobras, just the wishes of Luiz Inácio Lula da Silva. Ultimately, such vague wishes are incompatible with standards and the economic solidity of Petrobras. Immediately, such desires encourage politics, that shameful sauce that also damages the credit of the oil company and even that of the government.

Our greatest interest is in Petrobras’ BBB 24. The Minister of Mines and Energy, Alexandre Silveira, tramples on the president of Petrobras, Jean Paul Prates, for whom he released in public, in this Sheet, a “do you know who you’re talking to?” and a “put yourself in your place”. The president of Petrobras asks Lula to decide who is in charge of the shack. Lula “gets angry”, doesn’t like being “walled in”, leaks through the media. Prates or his friends whine anonymously: Prates is “hurt.” Cheesy, irrelevant drama gushes. Sensitive information leaks.

Silveira is a good friend of the presidential couple. He flatters the president, who wants “works” from Petrobras: ship, refinery, gas pipeline, lamp factory, who knows. For several reasons, including the desire to command more in the company, Silveira feels comfortable blasting Prates, who was trying to reconcile the company’s statutes and interests (and internal pressures) with Lula’s desires regarding prices and investments.

The vulgarity of “reality” increases. A group leaks venom about Prates, his heterodox appointments in the company, several from PT members and union members, having, however, left “bolsonaristas” in relevant positions. Another group leaks that Silveira and his friends on the company’s board are quasi-bolsonaristas (not really: they act according to the opportunity for power). Etc.

Aloizio Mercadante enters the story, who would perhaps replace Prates. On the wall, he “displeases” the market; In friendly gossip, he would have told Prates that he won’t trip him up and that he is “moderate” at BNDES.

The country loves gossip, soap operas, shacks and reality, from the rude elites to the rest of the people. Power struggles and intrigue are understandable and more interesting than balance sheets, efficiency, energy transition and development policy. It causes terminal dismay that the stupidity of the conversation is so great even in what is called the national elite.

Inside and outside the government, in ministries, at BNDES, Petrobras, etc., there are serious people capable of thinking about policy. The government, however, is an empty disorder, friendly to provincial and erroneous ideas of development. Lula, assisted by backward and ignorant vassals, let this harmful mess happen.

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