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New president of Petrobras Biofuels have challenges ahead

 

Chemical engineer Luiz Fernando Marinho Nunes already holds the presidency of Petrobras Biofuels (PBio), biofuels subsidiary of the Brazilian state oil company. He took the office this month, without any official statement made by the company.

There were no ceremonies and nor is there time for parties. Nunes has at least three major challenges ahead, related to sugar and ethanol companies Guarani, São Martinho and Turdus, from which PBio is a partner.

Nunes, then general manager Petrochemical Projects Development of Petrobras, succeeds Alberto Oliveira Fontes Junior, who was in office since March 14, 2014.

In his short management Sources Junior led PBio amid corruption scandals that have affected – and affect – the ‘mother’ Petrobras.

Outside the scandals of the state company, which also damaged the financial conditions of the subsidiary, the president experienced at first hand the problems that ethanol faced thanks to years of artificially maintaining the price of gasoline, political strategy to re-elect President Dilma Rousseff, who dissected the remuneration of the biofuel.

Nunes takes PBio command as a hostage of accumulated financial problems, but has challenges queuing and no time to wait.

Challenges

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PBio has until Saturday (10/31) to pay the final R$ 260 million for French Tereos International, parent company of Guarani, and increase its stake to 45.7% of the share capital. This is planned in agreement made in 2010, when the subsidiary of Petrobras entered in the capital of Guarani with 26%. Guarani now operates seven sugar and ethanol plants.

Does PBio have the R$ 260 million? For 15 days, JornalCana ​​Portal has been askin for information from Petrobras press office. On Tuesday afternoon (10/27), by phone, they answered that the question had already been requested and they were waiting for response.

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