Petrobras price update – 09/17/2022 – Samuel Pessôa

In the column of August 20, I wrote that between 1954 and 2002, Petrobras invested US $ 27 billion (R$ 142.7 billion) within the building of refineries, price of 2012, and enhance the refining capability by two million barrels per day. From 2003 to 2016, he invested US $ 100 billion (R $ 528.7 billion), and the growth was 400 thousand barrels per day.

UFRJ Professor Eduardo Costa Pinto stated I used to be incorrect. US $ 27 billion from 1954 to 2002 and US $ 100 billion from 2002 to 2016 had been used for increasing refining capability, however for transportation, largely ships by Petrobras, Transpetro, and enhancing capital. . The enchancment is the funding to fulfill the strictest environmental standards, for the machines and the oil merchandise produced, in addition to to alter the combination of the merchandise designed to fulfill the financial objectives.

Therefore the instructor’s criticism is justified. Moving ahead, we have to look carefully at investing in transportation and recycling.

According to knowledge from Transpetro’s web site, the corporate’s transportation capability in 2003 was 2.7 million tons. In 2006, it elevated to 4.6 million, a rise of 70% in comparison with the present capability in 2003 (which is lower than the funding made till then, as a result of it’s reducing worth – ships have a 25 yr lifespan). Thus, 70% of present capability in 2003 corresponds to a smaller funding than something invested between 1954 and 2002.

Therefore, the expenditure of $100 billion between 2003 and 2016 just isn’t an enormous waste if the investments are definitely worth the enchancment.

The refinery Landulpho Alves, within the Bahian Recôncavo, often called Rlam, is among the new models. Rlam was launched on the finish of 2021. The price paid was slightly below US $ 5,000 (R $ 26,000) per barrel per day of waste vitality.

Rlam’s retail price contains all the advantages associated to the model’s profitability for brand spanking new investments.

In the article in LeavesProfessor Eduardo stated that the price of funding by Petrobras in the course of the interval of main growth of funding in refining within the 2000s was US $ 60 thousand (R $ 317.2 thousand) per barrel per days of waste vitality, which is lower than 12 occasions the. the market price of recent waste.

Is there an error within the Rlam buy course of? It appears that isn’t the case. Other refineries have been bought in recent times at decrease costs than Rlam. In truth, the Bolivian authorities paid for crude oil bought from Petrobras in 2007 at US$1,200 per barrel per day for refining.

If there are usually not sufficient income for Petrobras from the set up of the refinery, till the extra price as much as 12 occasions, it isn’t price it for Petrobras to put money into the refinery.

In his column on Thursday (15), Nelson Barbosa, the previous Minister of Finance and my colleague at FGV Ibre, insisted that the brand new authorities of Lula, if he wins, will restart the marketing campaign restrictions on industrial growth.

According to Whakatu, there are failed circumstances, corresponding to info know-how coverage, and profitable circumstances, corresponding to Embraer, and open circumstances, such because the transportation and maritime industries.

The engineering and delivery industries are two circumstances of failure. Two, after 60 years of public coverage, it can not survive underneath market circumstances. If 60 years is not sufficient for a fledgling business, I do not know what might be.

The first step in stopping the brand new nationwide-degree testing cycle from happening is that politicians affiliated with the group won’t have the suitable to make selections.

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