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Petrobras: State Threatens Efficiency

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Petrobras is a great driller but government agenda threatens its efficiency, experts warn.


BY ALASTAIR STEWART

SAO PAULO -- Brazilian oil giant Petrobras, Latin America’s largest company, is a pioneer in the area of deep sea drilling and consistently posts huge profits. But investors despair at the government’s use of the company for its political ends.

The latest example of the government’s agenda impinging on the company’s economic decisions is the plan to build five new refineries at a time it needs every dime to develop its massive deep sea oil reserves.

“You would never find a Shell or a BP (British Petroleum) investing like that. But, at Petrobras, political motives run alongside economic drivers. It’s a fact of life,” says Adriano Pires at CBIE, an energy consultancy.

Petrobras is building...



Keywords: Ativa, BB Investimentos, Employees, Rousseff, Share Sale

 

 

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