MercoPress. South Atlantic News Agency
Petrobras denies sale of distribution network for much needed investment cash
Brazilian state-controlled oil company Petrobras said that the 13.7bn dollars divestment program it unveiled two months ago does not include plans to sell a stake in its service station network. Read full article
Comments
Disclaimer & comment rulesThey have a beautiful setup here in Chile with prime locations that were originally owned by ESSO (EXXON) and it would be unfortunate if they had to sell them. The Workers Party and Lula are a cancer upon Brazil.
Jun 01st, 2015 - 09:49 am - Link - Report abuse 0@1 Bolivarian are a cancer ,communist are a cancer ,the ignoramus populous are a cancer.
Jun 01st, 2015 - 12:26 pm - Link - Report abuse 0PBR has had to drastically cut back on their exploration programs.
Jun 01st, 2015 - 01:18 pm - Link - Report abuse 0If there wasn't the inferred backing on the Brazilian Gov't it would already be bankrupt.
It is already the larges indebted company in the world.
It can't last for long in its current state
My guess is they'll nationalize it again...
Selling assets distribution network for “much needed investment cash?”
Jun 01st, 2015 - 01:23 pm - Link - Report abuse 0Heard the same story before.
Private interests salivate at the prospect of taking over the distribution of fuels, which then allows a few players to control the selling price at the pump.
Happened with the demise of Petro Canada.
“Competition” is the fable interested parties sell to the public, but the sellers never kill each other--they always cooperate and prices go up.
4. Prices always go up?
Jun 01st, 2015 - 02:02 pm - Link - Report abuse 0Are you sure about that?
Gads you are a retard.
@4 Masshole
Jun 01st, 2015 - 08:25 pm - Link - Report abuse 0Just fyg, the fuel sold by State-owned PB is the most expensive on the market.
When's the last you filled your tank at a PB station in Brazil ??
@3 yb
“My guess is they'll nationalize it again...”
The State already is the major shareholder....so it should be privatized ; the company's most profitable period in recent history started exactly after the majority of shares - 51% - went to the hands of the private sector, in 2001...it started to go down the drain in 2007, when Lula announced the so-called “discovery” of the sub-salt reserves, nationalized it through a filthy accounting gimmick which returned it to the State without paying a cent, and depriving it of the much needed capital to develop the new reserves....that was Lula's plan all along so that he could steal from it and use it politically.
@4 Enrique
Jun 02nd, 2015 - 11:09 am - Link - Report abuse 0The only country that is really fucked up is called “Western”!
No one prays for primer these idiots leeches if they want to survive will have to suck their own blood.
http://redecastorphoto.blogspot.com.br/2015/05/michael-hudson-operacao-abutre-na.html
6. Without state support PBR would already be bankrupt. They have unverifiable assets, unverifiable income and the largest debt of any company in the world. I think the only way to “save” it is by total nationalization not privatization.
Jun 02nd, 2015 - 12:56 pm - Link - Report abuse 0@8 yb
Jun 02nd, 2015 - 11:07 pm - Link - Report abuse 0While i cannot but agree that PB is still floating because of State funding, the only time in recent histoiry when it did well, is when it was 51% private (2001 -2007), and the government could not interfere...much ; to nationalize what's left in the hands of private parties would be OK if before, they compensated all the private investors for their losses over the last 7 years...R$ 610 billion , to be exact.
9. Yeah but its too late now. They need to go bankrupt and try again.
Jun 03rd, 2015 - 06:25 pm - Link - Report abuse 0@4 Masshole
Jun 06th, 2015 - 07:17 pm - Link - Report abuse 0why do you ALWAYS spout your crap and then run away ? why don't you answer the question, directed at you, in my # 6 ?
@7 brasshole
Which country is “western” ?? C'mon, answer, or are you going to do a 'masshole' on us, as well ?
Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!