{"id":87246,"date":"2024-02-23T15:35:25","date_gmt":"2024-02-23T18:35:25","guid":{"rendered":"https:\/\/murray.adv.br\/?p=87246"},"modified":"2024-02-23T15:35:26","modified_gmt":"2024-02-23T18:35:26","slug":"antitrust-regulator-likely-to-release-petrobras-from-selling-refineries","status":"publish","type":"post","link":"https:\/\/murray.adv.br\/en\/antitrust-regulator-likely-to-release-petrobras-from-selling-refineries\/","title":{"rendered":"Antitrust regulator likely to release Petrobras from selling refineries"},"content":{"rendered":"\n
Case may be brought before agency for deliberation at end of March<\/em><\/h6>\n\n\n\n

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02\/23\/2024 <\/p>\n\n\n\n

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The antitrust regulator CADE is likely to accept Petrobras\u2019s request and release the state-owned company from the obligation to sell refineries and remaining assets in the natural gas distribution and transportation market, sources involved in the negotiations say. The sales are foreseen in the agreements signed in 2019, which aim to reduce the company\u2019s participation in the two sectors. The CADE is expected to impose \u201cbehavioral remedies,\u201d which are lighter restrictions than the sale of assets. The case could come before the agency at the end of March.<\/p>\n\n\n\n

At the end of 2023, the current management of Petrobras requested a review of the two Terms of Cessation Commitment (TCC) signed in 2019, the first year of the Bolsonaro administration. The state-owned company had committed to sell eight refineries to open up the refining market and three gas pipeline networks. The divestments were part of a broad government program to privatize the company.<\/p>\n\n\n\n

Petrobras has sold four refineries and two gas pipelines ever since, after repeatedly requesting postponements on the grounds that it couldn\u2019t find interested buyers. Petrobras\u2019s current CEO, Jean Paul Prates, who has been a critic of the operation since his days as a senator and was involved in the negotiations with the antitrust regulator, asked for a review late last year.<\/p>\n\n\n\n

Valor has learned that the CADE tends to replace this structural divestiture measure, without major disagreements, with behavioral remedies that would include, for example, non-discrimination against competitors, a guarantee of market prices, and others.<\/p>\n\n\n\n

They are also discussing whether governance measures should be adopted to ensure independent action in the event that the third gas unit is not divested. The gas negotiations are more advanced than the refinery negotiations, but the idea is to analyze the two cases together for approval by the board members. This is the general dynamic of TCCs\u2014they are negotiated by the General Superintendence and ratified by the agency.<\/p>\n\n\n\n

Sectors of the government also believe that, with the majority of the agency recently appointed by President Lula, the tendency is for the path for Petrobras to be easier\u2014four members took office earlier this year. Depending on the terms of the review, experts say there could be legal uncertainty in the sector.<\/p>\n\n\n\n

There is still no finalized proposal. Sources involved in the negotiation process say that contacts with the CADE have been very dynamic, with many \u201ccomings and goings\u201d and the acceptance of proposals from the state-owned company itself. However, the talks are well advanced. At the very least, Petrobras could still be fined if the council deems it has violated the agreements, which is not on the table at the moment.<\/p>\n\n\n\n

Pedro Rodrigues, head of the Brazilian Center for Infrastructure (CBIE), told Valor that releasing the company from the commitment to sell refineries could create legal uncertainty, both for the buyers of the four sold refineries and for possible players looking to enter Brazil. \u201cThere was a lack of enforcement of the agreements signed by the CADE. As a result, there was uncertainty for investors who might have been interested in the assets,\u201d he said. \u201cThe change in direction of Petrobras\u2019s policy is legitimate. The questionable point is a government agency like the CADE changing an agreement that gave security both to agents who had already invested and to future investors,\u201d he said.<\/p>\n\n\n\n

The TCCs were signed to conclude an investigation opened by the antitrust watchdog in 2018 into the company\u2019s activities in these markets. In refining, the competition defense agency received a complaint from the Brazilian Association of Fuel Importers (Abicom), which claimed that Petrobras was charging prices below international parity, which would have affected the expectations and continuity of investments made by importers based on the company\u2019s previous signals.<\/p>\n\n\n\n

Concerning the gas market, it suspended three different cases brought against Petrobras for monopoly abuse. In the asset sale proposal, the agency considered that the company had made an \u201cirrefutable\u201d offer to the CADE at the time, which was aimed at eliminating its dominant position. This put an end to any illegal practices.<\/p>\n\n\n\n

At the beginning of the negotiations, the sale of the assets was not an imposition by the CADE, as alternative measures could have been adopted, such as the behavioral remedies now under discussion, according to sources. They claim that the agreement was open to revision from the outset, depending on several factors, including a change in strategy.<\/p>\n\n\n\n

There are still interpretations among members of the panel that the recent change in pricing policy, which changed the PPI model, could justify the obligation to sell the refineries.<\/p>\n\n\n\n

Sergio Araujo, president of Abicom, believes that if the CADE accepts Petrobras\u2019s request, it will have to establish robust alternative remedies. \u201cWith the revision of the contract, anyone who invests in refining will be competing with the dominant player (Petrobras), which may have a pricing policy that doesn\u2019t conform to the market,\u201d he said.<\/p>\n\n\n\n

Petrobras did not reply to a request for comment.<\/p>\n\n\n\n

*Por Beatriz Olivon, Guilherme Pimenta\u00a0\u2014 Bras\u00edlia<\/p>\n\n\n\n

Source: Valor International<\/p>\n\n\n\n

\nhttps:\/\/valorinternational.globo.com\/\n<\/div><\/figure>\n","protected":false},"excerpt":{"rendered":"

Case may be brought before agency for deliberation at end of March 02\/23\/2024 The antitrust regulator CADE is likely to accept Petrobras\u2019s request and release the state-owned company from the obligation to sell refineries and remaining assets in the natural gas distribution and transportation market, sources involved in the negotiations say. The sales are foreseen […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8106],"tags":[23077,24650],"class_list":["post-87246","post","type-post","status-publish","format-standard","hentry","category-murray-news","tag-antitrust-regulator","tag-release-petrobras-from-selling-refineries"],"yoast_head":"\nAntitrust regulator likely to release Petrobras from selling refineries - Murray Advogados<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/murray.adv.br\/en\/antitrust-regulator-likely-to-release-petrobras-from-selling-refineries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Antitrust regulator likely to release Petrobras from selling refineries - Murray Advogados\" \/>\n<meta property=\"og:description\" content=\"Case may be brought before agency for deliberation at end of March 02\/23\/2024 The antitrust regulator CADE is likely to accept Petrobras\u2019s request and release the state-owned company from the obligation to sell refineries and remaining assets in the natural gas distribution and transportation market, sources involved in the negotiations say. 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