Oil workers' union files suit against Petrobras gas subsidiary spin-off
The Federation of Oil Workers' Union (FUP) filed a lawsuit with a Federal Court Monday (Oct. 26) to deter Petrobras from selling 49% of the shares of its subsidiary, Gaspetro.
The Federation of Oil Workers' Union (FUP) filed a lawsuit with a Federal Court Monday (Oct. 26) to deter Petrobras from selling 49% of the shares of its subsidiary, Gaspetro. The sale to Mitsui Gás e Energia do Brasil, a subsidiary of Mitsui &Co., Ltd from Japan was announced following the latest meeting of the Petrobras Board of Directors on October 23.
In the opinion of the general coordinator of the union, José Maria Rangel, the transaction raises conflict of interest concerns because the president on leave of Petrobras's board also chairs Vale mining company, in which Mitsui has a stake.
Rangel claimed that the sale of Gaspetro will be detrimental to the integration of Petrobras in the various energy-related industries in which it operates. “By selling part of Gaspetro, you're giving up a key industry like gas networks,” he said. He further argued that the deal could even incur losses to the country.
“This is clear in the figures from the sale. In two years and a half you could recover the investment. It [the sale] could cause Petrobras to lose $260 million in revenues.”
According to a Petrobras statement to investors, the 49% stake in Gaspetro will be sold at $485 million, which Rangel argued is well below the $1.28 billion JP Morgan says it is worth.
Translated by Mayra Borges
Fonte: Oil workers' union files suit against Petrobras gas subsidiary spin-off
