Nebulous transactions

The nation demands explanations from Petrobras regarding the reasons that led the company to acquire the Pasadena Refinery in Texas (USA), in transactions that have already cost the company more than US$1,1 billion. It wants to know what interests, partisan or otherwise, prompted such suspicious deals, considering that, at market price, Pasadena is currently worth no more than US$100 million; it is an obsolete refinery that, to produce satisfactorily within current international standards, will require new and high investments from the Brazilian government. The burning question is: who, ultimately, proposed and authorized this transaction?

Seeking answers, on March 15th, we approved a motion in the Chamber of Deputies summoning the president of Petrobras, Graça Foster, to clarify the damaging operation before the Public Security Committee, given the strong suspicions of money laundering and tax evasion. We also sent requests to the Minister of Mines and Energy, Edison Lobão, requesting detailed and supplementary information that could clarify this transaction. I believe there is no way to equivocate on such a serious matter.

On May 22nd, we heard explanations from the president of the state-owned company, but despite her efforts to present positive data, she was unconvincing. When questioned by me, she even stated that she did not participate in the decision. In simpler terms: she was caught off guard. The acquisition of the refinery was unbelievable and unjustifiable. Public money thrown down the drain.

Just like the responses from the state-owned company's president, the information forwarded by Minister Edison Lobão, protected at Petrobras' request by being sealed, neither explains nor justifies the deal involving the purchase of Pasadena.

We now expect to hear from Secretary of State José Sérgio Gabrielli, who headed Petrobras at the time of the refinery acquisition. Due to the protectionist actions of the PT (Workers' Party), four attempts were necessary to approve a public hearing to invite him to provide clarifications to the Chamber.

Recalling the facts: in 2005, Pasadena was acquired by the Belgian company Astra Oil Company for US$42,5 million. In September 2006, Petrobras confirmed the purchase of 50% of the refinery for US$360 million from the same Astra, which, not coincidentally, had a former Petrobras employee as one of its executives. The deal, in itself, constitutes a scandal. But it went further: for reasons unknown, after the discovery of pre-salt oil off the Brazilian coast, Astra resorted to the American courts to force Petrobras to buy the other 50% of Pasadena. The Brazilian company became entangled in the issue and reached an out-of-court settlement with the Belgians, which cost them an additional US$820 million, to end the litigation in June 2012. In other words, the refinery that cost Astra US$42,5 million ended up costing Petrobras US$1,18 billion. Truly absurd!

Based on possible currency evasion and embezzlement, due to evidence of overbilling, the Federal Public Prosecutor's Office is investigating the case which, in addition to the financial loss, represents a disrespect to our state-owned company, which celebrates its 60th anniversary in October, a "national pride," and therefore a company owned by Brazilians. This has caused alarming damage, such as a drop in share value of up to 50%, continued divestments, failure to meet targets; increased operational and administrative costs, a decline in the company's international ranking, and increased imports of refined products, among other problems.

Was the strange purchase of Pasadena merely a "bad deal" or was it a shady deal with partisan aims? President Dilma Rousseff must be well aware of the process, as she was alongside José Sergio Gabrielli, then chairman of the company's board of directors, when the purchase of the refinery was proposed and approved. Petrobras belongs to the Brazilian people, and we want explanations about the improper and unscrupulous use being made of it. Starting with the obscure accounts and reasons for the purchase of Pasadena.

Article originally published in Wednesday's edition of the newspaper A Tarde.