Opinion: Dilma's Petrobras

03/20/2014 - 08h49

The oil may well be ours, but Petrobras is only a headache for president Dilma Rousseff, former Chief of Staff, former Minister for Mining and Energy as well as former president of the Board of Governors of Brazil´s most important company.

It´s just not clear why, after years of silence, Dilma in yet another temperamental gesture, decided to speak to reporters Andreza Matais and Fábio Fabrini, recognizing that she voted as a Board Member in favour of a problematic business because she had based herself on information that was "incomplete" and apparently "technically and legally dubious."

By doing this, Dilma is attempting to save her own face but she gets even more messed up in the extravagant story of the purchase of a refinery in Pasadena in the United States, while throwing the previous Petrobras management, president José Sérgio Gabrielli and his international director, Nestor Cerveró in to the fire.

Petrobras simply paid US$ 360 million for 50% of a refinery that was bought a year before for US$ 42.5 million. The figures didn´t add up but things got worse when due to contractual obligation Brazil had to buy the whole venture for a total of US$ 1.18 billion.

Petrobras, the pride of Brazil, is under investigation not only because of this bizarre- as well as expensive- purchase of the refinery in Pasadena but also under suspicion for receiving tips from a Dutch company.

As if that weren´t enough, the company´s results are frightening for Brazilians and embarrassing for the president. According to the expert Elio Gaspari, the loss in market value of Petrobras and Eletrobras together is already estimated at US$ 100 billion since Dilma took office in 2011.

When adding up the financial results and the impact on credibility, we fear there is something very rotten in the reign of my, your and our Petrobras, just as, by the way, with the whole energy sector, precisely the one that propped up the career and image of "big boss" Dilma.

Translated by MILLI LEGRAIN

Read the article in the original language

Silva Junior-17.mar.2011/ Folhapress

Brazilian President Dilma Rousseff