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MarketScreener Homepage  >  Equities  >  Bolsa de valores de Sao Paulo  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

PETROLEO BRASILEIRO SA PETROBRAS

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Petroleo Brasileiro Petrobras : Brazil Sets Parameters for Mega Oil Auction

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05/11/2019 | 10:38am EDT

Brazil's national energy council on Thursday published updated parameters for a massive oil auction scheduled for later this year, including minimum levels of profit-sharing with the government, while also urging a shakeup in the refinery sector.

The country is set to auction off rights to excess oil in the so-called transfer-of-rights (TOR) offshore area in October, having settled a long-running dispute with Petroleo Brasileiro SA, which had already begun exploration there.

Companies will bid in the form of the percentage of profit they are willing to hand over to the government, with the CNPE energy council setting minimum profit-sharing levels. Those payments are made in the form of oil.

The minimum such payment is 26.23 percent of profit for the TOR zone's Atapu area, 23.24 percent for the zone's Buzios area, 18.15 percent for the zone's Itapu area and 27.88 percent for the zone's Sepia area, according to a document issued by CNPE on Thursday.

CNPE also passed a resolution promoting the sale of refineries by firms that have a dominant share of the refining market. The council said free competition should be encouraged in the sector and it would be in the national interest if competing refineries were bought by competing firms.

While CNPE did not mention state-run Petroleo Brasileiro, known as Petrobras, by name, the company has announced a plan to sell off eight refineries in a process that it has said could fetch some $15 billion.

Roberto Castello Branco, the chief executive of Petrobras, has said it is important that no regional refining monopolies are created via the divestment process.

Some analysts, however, have criticized the Petrobras divestment plan, as the firm will retain almost all refining capacity in the states of Sao Paulo and Rio de Janeiro, home to over 60 million people.

(c) 2019 CNEgypt. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info)., source Middle East & North African Newspapers

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Financials (BRL)
Sales 2019 355 B
EBIT 2019 70 077 M
Net income 2019 29 814 M
Debt 2019 282 B
Yield 2019 2,83%
P/E ratio 2019 11,34
P/E ratio 2020 7,88
EV / Sales 2019 1,84x
EV / Sales 2020 1,53x
Capitalization 372 B
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Mean consensus OUTPERFORM
Number of Analysts 8
Average target price 31,6  BRL
Spread / Average Target 18%
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Managers
NameTitle
Eduardo Bacellar Leal Ferreira Chairman
Rafael Salvador Grisolia Chief Financial Officer
Roberto Moro Chief Engineering & Technology Officer
Hugo Repsold Chief Technology & Production Development Officer
Segen Farid Estefen Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA PETROBRAS19.31%92 747
ROYAL DUTCH SHELL10.17%253 149
PETROCHINA COMPANY-2.91%178 973
TOTAL2.32%138 575
GAZPROM PAO (EDR)61.89%85 352
GAZPROM PAO--.--%85 352