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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Braskem S.A.    BRKM5   BRBRKMACNPA4

BRASKEM S.A.

(BRKM5)
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Odebrecht-backed energy deal likely cost Mexico $683 mln, president says

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08/22/2020 | 11:27pm EDT

MEXICO CITY, Aug 22 (Reuters) - Mexico's president said on Saturday an "abusive" ethane supply deal he has pushed to cancel between a consortium backed by Brazilian firm Odebrecht and Mexican state oil firm Pemex had likely cost taxpayers around 15 billion pesos ($683 million).

The contract between Petroleos Mexicanos (Pemex) and the consortium made up of Odebrecht-controlled Braskem and Mexico's Grupo Idesa, was agreed a decade ago during the tenure of ex-President Felipe Calderon, who was in office from 2006-2012.

In a video address on YouTube, President Andres Manuel Lopez Obrador said his estimate was based on what he described as probable unfair subsidies and fines paid out over a failure to meet the terms of the deal he described as "abusive."

"We're talking about damages to the nation worth around 15 billion pesos," said the president, who earlier this week declared the contract should be canceled.

Still, he suggested that about 2.1 billion pesos in penalties that he apparently included in his overall calculation had never been lost to Mexico because his administration ceased to pay the fines after he took office at the end of 2018.

Braskem Idesa did not immediately reply to a request for comment. Earlier this week the consortium rejected any wrongdoing and said it won the supply contract fairly.

Under the terms of the contract, Pemex has had to deliver ethane below current market prices.

Braskem Idesa said the price formula had no preference or advantage and was typical of long-term raw material contracts and consistent with prices Pemex charged in the 16 years before. ($1 = 21.9598 Mexican pesos) (Reporting by Dave Graham; Editing by Lincoln Feast.)


Stocks mentioned in the article
ChangeLast1st jan.
BRASKEM S.A. -3.18% 24.63 End-of-day quote.-17.49%
LONDON BRENT OIL 0.20% 40.54 Delayed Quote.-37.71%
WTI 0.18% 38.635 Delayed Quote.-36.11%
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Financials
Sales 2020 53 253 M 9 473 M 9 473 M
Net income 2020 -3 506 M -624 M -624 M
Net Debt 2020 38 646 M 6 874 M 6 874 M
P/E ratio 2020 -5,47x
Yield 2020 0,01%
Capitalization 19 196 M 3 413 M 3 415 M
EV / Sales 2020 1,09x
EV / Sales 2021 1,00x
Nbr of Employees 4 700
Free-Float 25,4%
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Technical analysis trends BRASKEM S.A.
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Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 28,36 BRL
Last Close Price 24,63 BRL
Spread / Highest target 62,4%
Spread / Average Target 15,1%
Spread / Lowest Target -4,59%
EPS Revisions
Managers
NameTitle
Roberto Lopes Pontes Simões President & Chief Executive Officer
José Mauro Mettrau da Cunha Chairman
Pedro van Langendonck de Freitas CFO & Investor Relations Officer
João Cox Neto Vice Chairman
Gesner José de Oliveira Filho Independent Director
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