'Pasadena is expected to generate US$150 million in profit in 2014'
Former director of Petrobras' international area, Nestor Cerveró, one of the key figures in the refinery's purchase, stated that the industrial unit has been operating at maximum capacity for almost two years and closed the first half of the year with a net profit of US$80 million; "The scenario is highly favorable for the 2014 performance to be repeated in the coming years. This information is important because it was widely reported that the refinery was dilapidated," he said to the Petrobras Parliamentary Commission of Inquiry.
Agency Board - One of the key figures in the purchase of the Pasadena refinery (USA), former director of Petrobras' international division Nestor Cerveró, stated that the industrial unit has been operating at maximum capacity for almost two years, closed the first half of the year with a net profit of 80 million dollars, and should end 2014 with a profit of at least 150 million dollars.
"The scenario is highly favorable for the performance of 2014 to be repeated in the coming years. This information is important because it was widely reported that the refinery was dilapidated," stated Cerveró, who is currently testifying before the Joint Parliamentary Inquiry Commission (CPMI) on Petrobras.
The Parliamentary Commission of Inquiry (CPMI) is investigating the losses suffered by Petrobras related to the purchase of the Pasadena refinery. In 2006, Petrobras reportedly paid $360 million for 50% of the refinery. The Belgian company Astra Oil held the other 50%.
Two years later, however, Petrobras and Astra Oil had a falling out, and a court ruling forced the Brazilian oil company to buy the other half that belonged to the Belgian company. As a result, the acquisition of the complex ended up costing the national oil company $1,2 billion, including extra expenses for interest and legal costs.
Testimony next week
Opening today's meeting, the president of the CPMI, Senator Vital do Rêgo (PMDB-PB), informed parliamentarians that he has already requested the Federal Court to make it possible to bring former Petrobras director Paulo Roberto Costa to Congress next Wednesday (17), at 14 pm.
Costa was arrested in the Lava Jato operation by the Federal Police and made a plea bargain agreement in which he allegedly named 31 parliamentarians and other authorities who were involved in diverting funds from Petrobras, according to a report in Veja magazine this week.
Cerveró again denies the importance of clauses omitted in the Pasadena negotiation.
The former director of Petrobras once again downplayed the importance of two clauses omitted from the document authorizing the purchase of the Pasadena refinery (USA) by Petrobras. Cerveró was responsible for the executive summary that served as the basis for the Petrobras board of directors to authorize the purchase of the refinery. In that document, he omitted the Marlim and put option clauses.
The Marlim clause guaranteed the Belgian partner Astra Oil a minimum return of 6,9% per year, even under unfavorable market conditions. The put option obligated Petrobras to buy the Belgian company's stake if there was a conflict between the partners. Astra Oil exercised this prerogative and, in 2008, after a legal dispute, Petrobras assumed full control of Pasadena.
"These clauses were a kind of quid pro quo for our high decision-making power regarding Pasadena. We had, for example, the right to allocate 70% of our oil and even define the necessary investments. These clauses are normal," said Cerveró, who is currently testifying before the Joint Parliamentary Inquiry Commission (CPMI) on Petrobras.
According to Cerveró, the summary is only two pages long and presents only the main aspects of the negotiation. He stated, however, that all the necessary documentation was sent to the board of directors.
Divergent opinions
The former director's stance contradicts the opinion of Petrobras' president, Graça Foster, who considered such clauses important when she testified before the Joint Parliamentary Inquiry Commission (CPMI) and the Senate's exclusive Parliamentary Inquiry Commission (CPI).
President Dilma Rousseff, who at the time of the negotiation was Minister of the Civil House and president of the Board of Directors of Petrobras, even stated that the purchase of the American industrial unit was only authorized because it was based on a document that was "technically and legally flawed."
Values
Nestor Cerveró also denied that Astra Oil had paid $42 million for the refinery, as reported in the press. According to him, the total was $360 million, including adaptations, labor liabilities, and environmental impact assessments.
He emphasized that Petrobras acquired the project for a price below market value, considering the total price for the processing capacity. "US$550 million was paid for the refinery, whose processing capacity is 100 barrels per day. Dividing the total price by the capacity, we arrive at US$5,5 per barrel, a value below the market average," he explained.