Petrobras requests renegotiation of agreement that required the sale of refineries

Petrobras asked the Administrative Council for Economic Defense (Cade) to renegotiate an agreement that obligated it to sell eight refineries.

This is the cessation commitment agreement (TCC) signed in 2019 that provided for the sale of the RNEST, SIX, RLAM, REGAP, REPAR, REFAP, REMAN, LUBNOR refineries and their respective transport assets. The objective of the TCC is to stimulate competition in the refining sector.

According to the president of Petrobras, Jean Paul Prates, the resolution of the National Energy Policy Council (CNPE) on which the TCC was based has already been revoked. Still, according to Prates, Cade would never have been able to prove Petrobras’ dominance over the market.

The sales of the RLAM, REMAN, LUBNOR and SIX refineries have already been completed, however, on Monday (27), Petrobras announced the termination of the sales contract for Lubnor (Lubricants and Petroleum Derivatives of the Northeast), in Ceará, and has already announced that it is in negotiations to buy back RLAM, in Bahia.

According to Petrobras, the measure is necessary due to the approval of the company’s new business plan.

Last week, in the midst of a crisis with the government to reduce fuel prices, Prates approved a new strategic investment plan for the period from 2024 to 2028, with the forecast of investing 102 billion dollars, an increase of 31% compared to the previous cycle of R$78 billion between 2023 and 2027.

In addition to the refineries, the Gas TCC provided for the sale of Transportadora Brasileira Gasoduto Bolivia-Brasil (TBG). Petrobras holds 51% of the shares.

In this case, Petrobras proposed its exit from distribution with the sale of Gaspetro and NTS transport companies, in the southeast, and TAG, completely, in the Northeast. The negotiation was concluded before the change of government.

In return, Cade agreed to archive a series of investigations targeting alleged anti-competitive conduct by Petrobras in the refining and natural gas market.

Still in the first half of the year, Prates informed that TBG would no longer be sold.