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Petrobras (PETR4): Silveira denies “guidelines” on extraordinary dividends

The Minister of Mines and Energy, Alexandre Silveira, said that the Government’s movements regarding the company’s dividends cannot be defined as “orientations”. Petrobras (PETR4). Since last Friday (19th), rumors have been circulating in the press that Planalto has reported a distribution of 50% of the 42.9 billion reais retained by the company in mid-March.

“We will not call it orientation, because it is natural, and because it actually happened that, even if the councilors had been appointed by the Union, in that final decision [sobre retenção dos dividendos extraordinários, em março] There was one of the councilors who decided to abstain. So there is a tendency, let’s say, for a more detailed assessment at this time. But we look forward to seeing the final answer this week,” the minister said.

Alessandro Silveira participated in the Seminar Brasil Hoje event, held by Esfera Brasil, in Sao Paulo, this Monday (22).

Silveira highlighted points that strengthen Petrobras’ cash flow – such as the appreciation of the price of Brent oil and the dollar – relevant to the company’s decision this week. The state-owned company has a meeting scheduled on Friday (26th), when it will have to give the hammer payment of extraordinary dividends.

“There are new elements that will be evaluated by the board of directors. There have been improvements in the financial oxygenation of the company with the increase in the price of Brent and the dollar. This will be considered [pelo conselho para debater a distribuição de dividendos]. There are also issues of financial necessity that will be considered,” she noted.

The minister also said that MME-related businesses and issues are “much more fun now than in recent months.”

“On the distribution of Petrobras dividendsthe board decided nothing other than the payment of ordinary dividends, which are mandatory, and the extraordinary dividends were charged to an account that could only be used for the distribution of dividends, and then there was all that noise that a listed company does not do well stock exchange, which creates international instability”.

Silveira also said that a government that “respects capital” is needed, as it is “fundamental to stimulating Brazil’s economic growth.”

“The government is a controller, not an intervener”

Also in the press conference, the minister declared that Petrobras enjoys “total and complete” independence and said that investors, including foreign ones, are aware that the government controls the company when allocating capital.

According to Silveira, the government “monitors, but does not intervene”.

The minister also reiterated that the state-owned company “is on the right track”, citing the appreciation of shares in the period between January of the previous year and the current moment, and also that the company must also “serve all Brazilians ” .

Regarding Jean Paul Prates and the possibility of changing president of Petrobras, Silveira limited himself to saying that “the positions of trust of the president, including that of minister of mines, must always be at the president’s disposal”.

“He decides who comes in and who goes out. As regards the continuation of any person in office, the decision lies exclusively with the President of the Republic.”

The minister was even asked if his relationship with Prates was positive, but he limited himself to citing the CEO’s recent decision to make billion-dollar investments – which according to him converge with what he has been doing “for over a year, demonstrating how This is fundamental for the development of the economy”.

Silveira defends exploration in the Equatorial Rim; Petrobras awaits the green light on the matter

Before the press conference, during his speech at the Esfera Brasil 2024 event, Silveira defended the studies on the Equatorial Margin region, which he does not consider something that goes against the environmental agenda.

“Studies on the equatorial margin are not contradictory to the green economy,” he said.

Petrobras is currently still waiting for approval from Ibama to explore for oil in the Foz do Amazonas area, a request that was initially rejected and which, according to the state company, could yield around 14 billion barrels.

“They serve as a reference and money creation so that we can also defend the necessary state, take care of health, education and security with state resources, recognizing the great fight against inequality,” he said.

“Brazil is a country that has legal security, regulatory stability, social and political stability. We are geopolitically favorable in South America,” he added, speaking on the topic relevant to Petrobras.

Source: Terra

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