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Petrobras (PETR4): Lula prepares talks with candidates for the president of the state firm, says Reuters; check the details

November 21 (Reuters) – President-elect Luiz Inacio Lula da Silva has scheduled his first talks this week with candidates for the presidency of Petrobras (PETR3; PETR4), individuals acquainted with the matter stated to Reuters, and kick issues that may flip into an issue. time in authorities.

Lula, who takes workplace on January 1, has signaled that he desires to vary Petrobras.

To obtain that technique, Lula is planning a basic transfer at the high and second of the firm, stated individuals acquainted with his plans.

At least half of the astronomical dividend paid by the state-owned firm to shareholders in the wake of excessive oil costs shall be channeled into investments, in response to individuals instantly concerned in the discussions.

In the final two quarters, the firm has paid shareholders, together with the authorities, greater than twice as a lot as all main oil corporations in the United States and Europe.

Investments will now not give attention to oil on the oceans – at this time it’s the vacation spot of 84% of every part that has been invested by the firm.

Since the authorities of Michel Temer in 2016, Petrobras has left all sectors to pay money owed just like these paid throughout PT governments. The firm dismantled fuel pipelines, its biogas models, fertilizer factories, all 7,700 BR-branded gas stations, along with landfills.

Now, Lula desires Petrobras to return to being the large it was throughout his first two governments (2003-2010), and to take a position half of the earnings in renewable vitality, refining and promotion of jobs, in response to sources.

The new strategy will convey Petrobras nearer to the technique adopted by European giants BP and Shell, that are decreasing their funding in oil to spend money on clear vitality.

But the resolution on how a lot prices shall be lower – or partially changed by share buybacks – and the way a lot the firm will spend money on renovations will rely on who runs the group. Applications differ relying on the applicant. Most are towards the importation of waste.

In any case, behind the scenes, the PT determined to not have a president of Petrobras who’s in bother with the occasion and the authorities program of Lula.

“Combining growth with the setting can also be investing in areas created by the vitality transition, and investing in wind, photo voltaic, inexperienced hydrogen and biomass,” Lula stated. when he spoke at the COP27 convention in Egypt.

“These are the areas the place Brazil has the biggest potential, notably in the Northeast of Brazil, and we’re simply beginning to discover.”

Lula additionally trashed the plan for the privatization of Petrobras, from 2019 by the present board. According to some of its builders, the plan is able to be carried out subsequent 12 months, if Bolsonaro is re-elected.

The firm is now price 375 billion reais – in 2008 it was 510 billion reais – and distributed 42 billion reais in dividends in the final quarter alone.

A short while

But the clock is ticking on Lula, who’s in danger of beginning a authorities with a board whose agenda differs from his plans.

Decisions and legal guidelines created after the PT left the authorities six years in the past require 45 days no less than – and doubtless not lower than 60– for the investigation of the resumption of authorized compliance, approval of names in the board of administrators and voting for shareholders at a gathering.

Lula additionally has to depend on the present president of the state-owned firm, Caio Paes de Andrade, to resign at will on January 1. His time period expires in April.

Andrade, a former worker of the Ministry of Economy with no earlier expertise in the oil sector, has up to now proven no indicators that he’s keen to take action, in response to individuals near him.

Bolsonaro, who nominated him, was not satisfied of the victory of Lula, his political rival, and had little intention of working with him to vary the authorities.

Accordingly, the board is making ready to protest in the workplace and preserve its agenda till the formal protocols for the change of management in the state-owned firm are met, in response to sources corporations. And the doorways had been all the time open to Lula’s occasion.

The board will put together a 90-page presentation, ten from every senior govt, together with the CEO, for formal submission to the transition workforce, in response to firm info.

Short List

Lula was the just one to nominate a powerful border crossing group final Wednesday, and till the finish of final week, he didn’t converse on to the candidates for the presidency of Petrobras, in response to individuals acquainted with the matter. to this matter.

Among them, Senator Jean Paul Prates, one of the first talked about. There was no formal invitation, though Prates and Lula traveled on the personal airplane that took the elected authorities’s delegation to COP27 in Egypt, in response to studies.

Prates was an vitality coverage adviser throughout Lula’s marketing campaign, however he might face affirmation issues on account of his mayoral marketing campaign in the 2020 Natal-RN election. in the final 36 months.

Other candidates on the listing embody former Bahia governor Rui Costa, a staunch political ally of Lula; and Magda Chambriard, former Director-General of the oil and fuel administration firm ANP, labored in the exploration and manufacturing space of ​​Petrobras.

William Nozaki, an economics professor at FESPSP, was named final week to Lula’s transition workforce, and is anticipated to steer a non-strategic board at Petrobras.

The former president of Petrobras throughout Lula’s authorities, José Sergio Gabrielli, left the transition group, indicating that his candidacy has misplaced its energy.

Gabrielli is going through a lawsuit at the TCU over Petrobras’ buy of the American refinery in Pasadena, which may block its regulatory approval.

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