Derailed locomotive? Petrobras investments and economic growth in Brazil
DOI:
https://doi.org/10.4995/ijpme.2018.8758Keywords:
Brazil, Oil sector, Petrobras, Investment, Gross Domestic Product, Gross Capital FormationAbstract
Petrobras is the largest firm in Brazil and one of the largest in the world. Its investment plans are among the biggest in the oil and gas industry, focused in Brazil and on E&P. Petrobras is responsible for a large share of gross capital formation and gross domestic product (GDP) growth in the country. The correlation between its investments and the country investment and GDP growth is above 0.8 and shows the dependency of the economy to Petrobras activity. At the same time, as a state enterprise it has been a tool of macroeconomic policy. In the 2010´s its gasoline and diesel prices were frozen to keep inflation down. The recent crisis in the company, including corruption scandals and oil price slump increased debt levels and reduced its capital expenditures. The sale of assets directive since 2016 is required to reduce its net debt. While a medium to long term survival strategy, the change in Petrobras’ investment profile may decrease the prospects of GDP growth in the Brazilian economy.
Downloads
References
ANP. (2017). Brazil Rounds. Rio de Janeiro: Agência Nacional do Petróleo, Gás Natural e Biocombusíveis/Coordenadoria de Defesa da Concorrência. Available from: http://www.brasil-rounds.gov.br/Round_P2/portugues_RP2/cronograma.asp [Accessed: 09 Sep 2017].
ANP. (2017). Relatório de Defesa da Concorrência. Rio de Janeiro: Agência Nacional do Petróleo, Gás Natural e Biocombusíveis/Coordenadoria de Defesa da Concorrência. Available from: http://www.anp.gov.br/wwwanp/precos-e-defesa/234-precos/levantamento-de-precos/868-serie-historica-do-levantamento-de-precos-e-de-margens-de-comercializacao-de-combustiveis [Accessed: 25 Sep 2017].
Blanchard, O. (2011). Macroeconomia, 5th Edition. São Paulo: Ed. Pearson.
Côrrea, A. (2009) ‘Crise muda perfil das exportações brasileiras’, Brasil. BBC Brasil, São Paulo. Available from: http://www.bbc.com/portuguese/noticias/2009/09/090908_crise_exportacoes_ac_np [Accessed: 01 Sep 2017].
Damodaran, A. (1997). Avaliação de Investimentos: Ferramentas e técnicas para a determinação do valor de qualquer ativo, 1st Edition. Rio de Janeiro: Qualitymark.
EIA. (2017). Petroleum & Other Liquids. Washington: U.S. Energy Information Administration. Avalaible from: https://www.eia.gov/dnav/pet/PET_PRI_SPT_S1_A.htm [Accessed: 10 Oct 2017]
Gujarati, D. N. (2001). Basic Econometrics, 4th Edition. São Paulo: McGraw-Hill Company.
Hoyos, C. (2007). ‘The new Seven Sisters: oil and gas giants dwarf western rivals’, Oil & Gas. The Financial Times Limited, São Paulo. Available from: https://www.ft.com/content/471ae1b8-d001-11db-94cb-000b5df10621 [Accessed: 07 Jan 2017].
IBGE. (2017). Formação Bruta de Capital Fixo Variação em volume: taxa acumulada ao longo do ano. Instituto Brasileiro de Geografia e Estatística (IBGE), Rio de Janeiro. Available from: http://seriesestatisticas.ibge.gov.br/series [Accessed: 05 Oct 2017].
IBGE. (2017). Produto Interno Bruto Variação em volume: taxa trimestral. Instituto Brasileiro de Geografia e Estatística (IBGE), Rio de Janeiro. Available from: http://seriesestatisticas.ibge.gov.br/series [Accessed: 01 Oct 2017].
IMF. (2017). Brazil: At a Glance. United States: International Monetary Fund. Available from: http://www.imf.org/en/Countries/BRA [Accessed: 10 Oct 2017]
Ipea. (2017). Taxa de câmbio nominal. Rio de Janeiro: Instituto de Pesquisa Econômica Aplicada (Ipea). Available from: http://ipeadata.gov.br/ExibeSerie.aspx?serid=38389 [Accessed: 05 Mar 2017].
MF. (2010). Petrobras arrecada cerca de R$ 120 bilhões em maior capitação do mundo. Ministério da Fazenda (MF). Available from: http://www.fazenda.gov.br/noticias/2010/setembro/petrobras-arrecada-cerca-de-r-120-bilhoes-em-maior-operacao-de-captacao-do-mundo
OECD. (2015). OECD Chapter 3, Lifting investment for higher sustainable growth. Economic Outlook. Volume 2015/1.
Paduan, Roberta (2016) Petrobras: uma história de orgulho e vergonha. Rio de Janeiro: Ed. Objetiva.
Presidência da República, Casa Civil, Subchefia para Assuntos Jurídicos. (2010). Lei Nº 12.351/2010. Available from: https://www.planalto.gov.br/ccivil_03/_ato2007-2010/2010/lei/l12351.htm [Accessed: 12 Dec 2016].
Petrobras. (2017). Plano Estratégico e Plano de Negócios e Gestão 2017-2021. Rio de Janeiro: Petrobras. Available from: goo.gl/nHx5dn [Accessed: 10 Nov 2017].
Petrobras. (2016). Plano de Negócios e Gestão 2015-2019. Rio de Janeiro: Petrobras. Available from: goo.gl/5vFils [Accessed: 20 Jul 2016].
Petrobras. (2011). Plano de Negócios 2011-2015. Rio de Janeiro: Petrobras. Available from: http://investidorpetrobras.com.br/pt/comunicado-e-fatos-relevantes/plano-de-negocios-2011-2015 [Accessed: 13 Jan 2017]
Petrobras. (2017). Resultados Financeiros: Ebitda, Available from: http://www.investidorpetrobras.com.br/pt/resultados-financeiros/holding [Accessed: 10 Oct 2017]
Petrobras. (2017). Alavancagem: Dívida líquida. Available from: http://www.investidorpetrobras.com.br/pt/divida/endividamento-e-alavancagem [Accessed: 05 Oct 2017]
Ribeiro E.P., de Almeida W.F., Bone R.B. (2017) Stock Market Firm Value Effects of Research and Development Expenditures in the Oil and Gas Industry. In: Amorim M., Ferreira C., Vieira Junior M., Prado C. (eds) Engineering Systems and Networks. Lecture Notes in Management and Industrial Engineering. Springer, Cham. https://doi.org/10.1007/978-3-319-45748-2_7
SEC. (2016). FORM 20-F Annual Report. Washington: U.S. Securities and Exchange Commission (SEC). Available from: https://www.sec.gov/Archives/edgar/data/ [Accessed: 20 Jan 2017].
Yabiko, R., Medeiros, G., Bone, R. B. (2016). Petrobras’ Investment Projects in Brazil under Check-mate: the ghost refineries case. International Joint Conference - CIO-ICIEOM-IIE-AIM (IJC 2016).
Downloads
Published
How to Cite
Issue
Section
License
This work as of Vol. 11 Iss. 2 (2023) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike- 4.0 International License
