Petrobras’ management has not found, so far, grounds that justify the suspension of projects with contracts already signed. The state-owned company, through its executive board, has carried out a preliminary study on ongoing disinvestment processes initiated in the last government.
The Ministry of Mines and Energy (MME) had formally requested Petrobras to suspend the sale of assets for 90 days, due to the reassessment of the National Energy Policy, which is currently underway, and the establishment of a new composition of the National Council for Energy Policy ( CNPE). “Processes in which no contracts have been signed will continue to be analyzed”, informed the company to the Board of Directors.
Rules
The suspension should respect the company’s governance rules and commitments assumed with government entities, in addition to not putting Petrobras’ insurmountable interests at risk.
In a note released on the 1st of this month, the company informed that the Board of Directors would analyze the ongoing processes, “from the perspective of Civil Law and within the rules of governance, as well as any commitments already assumed, their punitive clauses and their consequences”.
The objective is for the governance bodies to assess “potential legal and economic risks arising, subject to confidentiality rules and other applicable governing rules”. The company informed, at the time, that facts deemed relevant will continue to be disclosed to the market.
