Guedes suggests selling Petrobras shares to give money to the ‘weakest’ | Economy

Guedes suggests selling Petrobras shares to give money to
José Cruz/Agência Brasil

Guedes suggests selling Petrobras shares to give money to the “weakest”

Economy Minister Paulo Guedes suggested at a press conference this Wednesday (13) that the federal government sell Petrobras shares (PETR4) at times of high on paper to allocate resources to the “most vulnerable”.

“When the price of fuel rises, the most fragile are struggling. How about if I sell some of the Petrobras shares and give them these resources?”, said the minister in Washington. He also says “it doesn’t make sense” for the country to get richer, and the nation to get poorer.

Guedes once again said he was in favor of the privatization of all state-owned companies, however, for Petrobras the ideal would be to make it “Novo Mercado”, a segment with more demanding levels of governance in which companies can only issue common shares (with the right to vote).

Thus, the government would maintain the “golden share”, that is, it would continue to control the state-owned company, but the change would yield up to R$150 billion for the state-owned company, Guedes said.

“And it can go even higher if I say I’m going to privatize, give up control,” he said, defending that Petrobras be transformed into a “corporation” in a model similar to the one approved for Eletrobras.

The Minister of Economy also defended Brazil’s entry into the OECD (Organization for Economic Cooperation and Development). He met with the secretary general of the organization and said that Brazil has already satisfied 100 requirements out of a total of 247 required by the OECD of its members. “He is in front of practically all the candidates”, he defended.