{"id":3235,"date":"2017-03-11T12:39:27","date_gmt":"2017-03-11T15:39:27","guid":{"rendered":"http:\/\/controversia.com.br\/?p=3235"},"modified":"2017-03-09T15:42:24","modified_gmt":"2017-03-09T18:42:24","slug":"a-construcao-da-ignorancia-sobre-a-petrobras","status":"publish","type":"post","link":"https:\/\/controversia.com.br\/pt\/2017\/03\/11\/a-construcao-da-ignorancia-sobre-a-petrobras\/","title":{"rendered":"A constru\u00e7\u00e3o da ignor\u00e2ncia sobre a Petrobr\u00e1s"},"content":{"rendered":"

Felipe Coutinho<\/strong> – Quem pensa que a Pe\u00adtro\u00adbras est\u00e1 que\u00adbrada, que a pro\u00addu\u00e7\u00e3o do pr\u00e9-sal \u00e9 lenta, que o pr\u00e9-sal \u00e9 um mico e n\u00e3o tem valor ou que a ex\u00adpor\u00adta\u00e7\u00e3o de pe\u00adtr\u00f3leo por mul\u00adti\u00adna\u00adci\u00ado\u00adnais pode de\u00adsen\u00advolver o Brasil, est\u00e1 sendo en\u00adga\u00adnado. \u00c9 v\u00ed\u00adtima da ig\u00adno\u00adr\u00e2ncia pro\u00admo\u00advida pelos em\u00adpre\u00ads\u00e1\u00adrios da co\u00admu\u00adni\u00adca\u00e7\u00e3o, po\u00adl\u00ed\u00adticos e exe\u00adcu\u00adtivos a ser\u00advi\u00e7o das mul\u00adti\u00adna\u00adci\u00ado\u00adnais do pe\u00adtr\u00f3leo e dos bancos.<\/p>\n

A ig\u00adno\u00adr\u00e2ncia de muitos bra\u00adsi\u00adleiros em re\u00adla\u00e7\u00e3o aos prin\u00adci\u00adpais temas que de\u00adter\u00adminam a sua vida, e con\u00addi\u00adci\u00adonam o seu fu\u00adturo, \u00e9 re\u00adsul\u00adtado de uma cons\u00adtru\u00e7\u00e3o so\u00adcial. Os in\u00adte\u00adresses dos ban\u00adqueiros, dos con\u00adtro\u00adla\u00addores das mul\u00adti\u00adna\u00adci\u00ado\u00adnais do pe\u00adtr\u00f3leo e dos ren\u00adtistas s\u00e3o pro\u00admo\u00advidos, em de\u00adtri\u00admento da mai\u00adoria que vive do tra\u00adbalho, es\u00adtuda ou de\u00adpende da se\u00adgu\u00adri\u00addade so\u00adcial.<\/p>\n

A mai\u00adoria n\u00e3o sabe que quase a me\u00adtade do or\u00ad\u00e7a\u00admento p\u00fa\u00adblico se des\u00adtina a pagar os juros e a amor\u00adti\u00adza\u00e7\u00e3o da d\u00ed\u00advida p\u00fa\u00adblica. Des\u00adco\u00adnhece as ile\u00adga\u00adli\u00addades e ile\u00adgi\u00adti\u00admi\u00addades na for\u00adma\u00e7\u00e3o dessa d\u00ed\u00advida que, se au\u00addi\u00adtada, po\u00adderia ser re\u00addu\u00adzida. Ig\u00adnoram a es\u00adtru\u00adtura re\u00adgres\u00adsiva dos im\u00adpostos, na qual os que vivem do sa\u00adl\u00e1rio e re\u00adcebem menos pagam mais. N\u00e3o sabem que a pre\u00advi\u00add\u00eancia so\u00adcial \u00e9 su\u00adpe\u00adra\u00advi\u00adt\u00e1ria con\u00adsi\u00adde\u00adrando os im\u00adpostos que s\u00e3o des\u00advin\u00adcu\u00adlados da se\u00adgu\u00adri\u00addade para o pa\u00adga\u00admento dos juros da d\u00ed\u00advida. Tamb\u00e9m des\u00adco\u00adnhecem o pre\u00adju\u00edzo ope\u00adra\u00adci\u00adonal do Banco Cen\u00adtral. Aqui trato das fa\u00adl\u00e1\u00adcias mais re\u00adpe\u00adtidas a res\u00adpeito da Pe\u00adtro\u00adbras.<\/p>\n

O su\u00adcesso na des\u00adco\u00adberta e de\u00adsen\u00advol\u00advi\u00admento do pr\u00e9-sal<\/strong><\/p>\n

A pro\u00adv\u00edncia do pr\u00e9-sal \u00e9 a maior des\u00adco\u00adberta das \u00fal\u00adtimas d\u00e9\u00adcadas e est\u00e1 entre as mai\u00adores da his\u00adt\u00f3ria, mas as re\u00adservas ainda n\u00e3o foram di\u00admen\u00adsi\u00ado\u00adnadas com maior grau de con\u00adfi\u00adan\u00e7a. S\u00e3o es\u00adti\u00admadas re\u00adservas de 30 a 100 bi\u00adlh\u00f5es de barris de pe\u00adtr\u00f3leo equi\u00adva\u00adlente, mas este vo\u00adlume pode ser su\u00adpe\u00adrado em fun\u00e7\u00e3o da na\u00adtu\u00adreza ge\u00ado\u00adl\u00f3\u00adgica, do de\u00adsen\u00advol\u00advi\u00admento tec\u00adno\u00adl\u00f3\u00adgico e das con\u00addi\u00ad\u00e7\u00f5es ma\u00adcro\u00ade\u00adcon\u00f4\u00admicas.<\/p>\n

A Pe\u00adtro\u00adbras in\u00advestiu cen\u00adtenas de mi\u00adlh\u00f5es de d\u00f3\u00adlares e teve su\u00adcesso ao com\u00adprovar a exis\u00adt\u00eancia do pr\u00e9-sal, de acordo com o mo\u00addelo ge\u00ado\u00adl\u00f3\u00adgico de\u00adsen\u00advol\u00advido pelo corpo t\u00e9c\u00adnico da com\u00adpa\u00adnhia. A des\u00adco\u00adberta pi\u00ado\u00adneira se deu no campo de Lula (an\u00adte\u00adri\u00ador\u00admente de\u00adno\u00admi\u00adnado Tupi), com re\u00adservas re\u00adcu\u00adpe\u00adr\u00e1\u00adveis de 8,3 bi\u00adlh\u00f5es de barris de pe\u00adtr\u00f3leo equi\u00adva\u00adlente.<\/p>\n

A com\u00adpa\u00adnhia anglo-ho\u00adlan\u00addesa Shell era ope\u00adra\u00addora do campo de Libra quando o de\u00advolveu \u00e0 Ag\u00eancia Na\u00adci\u00adonal de Pe\u00adtr\u00f3leo e Bi\u00ado\u00adcom\u00adbus\u00adt\u00ed\u00adveis (ANP), de\u00adcla\u00adrando que n\u00e3o era co\u00admer\u00adci\u00adal\u00admente vi\u00e1vel. Mais tarde, com\u00adpro\u00advado o mo\u00addelo ge\u00ado\u00adl\u00f3\u00adgico do pr\u00e9-sal e, atu\u00adando como ope\u00adra\u00addora, a Pe\u00adtro\u00adbras al\u00adcan\u00e7ou o pr\u00e9-sal em Libra. Con\u00adfirmou a maior des\u00adco\u00adberta entre os campos do pr\u00e9-sal com re\u00adservas re\u00adcu\u00adpe\u00adr\u00e1\u00adveis entre 8 e 12 bi\u00adlh\u00f5es de barris de pe\u00adtr\u00f3leo equi\u00adva\u00adlente.<\/p>\n

A pro\u00addu\u00e7\u00e3o do pr\u00e9-sal tem sido ace\u00adle\u00adrada em tempo re\u00adcorde na com\u00adpa\u00adra\u00e7\u00e3o com o de\u00adsen\u00advol\u00advi\u00admento de ou\u00adtras pro\u00adv\u00edn\u00adcias em \u00e1guas pro\u00adfundas, como o Golfo do M\u00e9\u00adxico, Mar do Norte ou Bacia de Campos. J\u00e1 foi pro\u00addu\u00adzido mais de 1 bi\u00adlh\u00e3o de barris e o pr\u00e9-sal re\u00adpre\u00adsenta hoje quase 50% da pro\u00addu\u00e7\u00e3o di\u00e1ria na\u00adci\u00adonal.<\/p>\n

A sina co\u00adlo\u00adnial ainda nos as\u00adsola<\/strong><\/p>\n

Desde o Brasil Col\u00f4nia at\u00e9 a Re\u00adp\u00fa\u00adblica a eco\u00adnomia bra\u00adsi\u00adleira se de\u00addica ao su\u00adpri\u00admento de ma\u00adt\u00e9\u00adrias primas para os cen\u00adtros im\u00adpe\u00adriais. Pau brasil, cana de a\u00e7\u00facar, mi\u00adn\u00e9\u00adrios (ouro, prata e di\u00ada\u00admantes), cacau, bor\u00adracha, dend\u00ea, caf\u00e9. Hoje, ainda os mi\u00adn\u00e9\u00adrios, a soja, a carne etc. Todos os ci\u00adclos t\u00eam ca\u00adrac\u00adte\u00adr\u00eds\u00adticas co\u00admuns, be\u00adne\u00adfi\u00adciam uma pe\u00adquena elite, passam por pe\u00adr\u00edodos de as\u00adcens\u00e3o, \u00e1pice e queda. Deixam o rastro de de\u00advas\u00adta\u00e7\u00e3o am\u00adbi\u00adental e so\u00adcial, com a maior parte da po\u00adpu\u00adla\u00e7\u00e3o ex\u00adclu\u00edda dos ga\u00adnhos nos pe\u00adr\u00edodos pr\u00f3s\u00adperos, mas her\u00addeira do caos do pe\u00adr\u00edodo de\u00adca\u00addente. Pri\u00adva\u00adti\u00adza\u00e7\u00e3o dos lu\u00adcros e so\u00adci\u00ada\u00adli\u00adza\u00e7\u00e3o dos pre\u00adju\u00edzos.<\/p>\n

De\u00advemos usar a ri\u00adqueza do pe\u00adtr\u00f3leo bra\u00adsi\u00adleiro na me\u00addida do nosso de\u00adsen\u00advol\u00advi\u00admento, para aten\u00addi\u00admento \u00e0s nossas ne\u00adces\u00adsi\u00addades. De\u00adsen\u00advolver uma in\u00add\u00fas\u00adtria forte e di\u00adver\u00adsi\u00adfi\u00adcada com par\u00adti\u00adci\u00adpa\u00e7\u00e3o e con\u00adtrole so\u00adcial. Cons\u00adtruir a in\u00adfra\u00ades\u00adtru\u00adtura para pro\u00addu\u00e7\u00e3o de ener\u00adgias re\u00adno\u00adv\u00e1\u00adveis e pre\u00adparar nossa so\u00adci\u00ade\u00addade para o fu\u00adturo.<\/p>\n

Ne\u00adnhum pa\u00eds se de\u00adsen\u00advolveu ex\u00adpor\u00adtando pe\u00adtr\u00f3leo por meio de mul\u00adti\u00adna\u00adci\u00ado\u00adnais es\u00adtran\u00adgeiras. Ne\u00adnhum pa\u00eds, con\u00adti\u00adnental e po\u00adpu\u00adloso como o Brasil, se de\u00adsen\u00advolveu ex\u00adpor\u00adtando pe\u00adtr\u00f3leo. Existe cor\u00adre\u00adla\u00e7\u00e3o entre o de\u00adsen\u00advol\u00advi\u00admento hu\u00admano (IDH) e o con\u00adsumo de energia pri\u00adm\u00e1ria per ca\u00adpita (9).<\/p>\n

Os erros do pas\u00adsado n\u00e3o jus\u00adti\u00adficam os erros do pre\u00adsente<\/strong><\/p>\n

Entre 2003 e 2014, a Pe\u00adtro\u00adbras as\u00adsumiu riscos com a ele\u00advada ex\u00adpo\u00adsi\u00e7\u00e3o ao pre\u00e7o do d\u00f3lar e a po\u00adl\u00ed\u00adtica mo\u00adne\u00adt\u00e1ria do Banco Cen\u00adtral dos EUA, o Fe\u00adderal Re\u00adserve (FED). As\u00adsumiu riscos em re\u00adla\u00e7\u00e3o ao c\u00e2mbio, pre\u00e7o do pe\u00adtr\u00f3leo, ao alto n\u00edvel de in\u00adves\u00adti\u00admento para ex\u00adpor\u00adta\u00e7\u00e3o e \u00e0 d\u00ed\u00advida em moeda es\u00adtran\u00adgeira. A des\u00adva\u00adlo\u00adri\u00adza\u00e7\u00e3o do Real e do Pe\u00adtr\u00f3leo n\u00e3o s\u00e3o eventos in\u00adde\u00adpen\u00addentes, s\u00e3o con\u00adsequ\u00ean\u00adcias da va\u00adlo\u00adri\u00adza\u00e7\u00e3o do d\u00f3lar, re\u00adsul\u00adtado do fim dos ci\u00adclos de li\u00adquidez mo\u00adne\u00adt\u00e1ria do FED (Quan\u00adti\u00adta\u00adtive Ea\u00adsing, QE).<\/p>\n

O gr\u00e1\u00adfico 1 apre\u00adsenta a forte cor\u00adre\u00adla\u00e7\u00e3o entre os pre\u00e7os do pe\u00adtr\u00f3leo e do Real em re\u00adla\u00e7\u00e3o ao d\u00f3lar<\/p>\n


\nGr\u00e1\u00adfico 1<\/em><\/p>\n

O gr\u00e1\u00adfico 2 re\u00advela que de 2009 a 2014, com os ci\u00adclos de li\u00adquidez mo\u00adne\u00adt\u00e1ria, atrav\u00e9s da compra e ac\u00fa\u00admulo de t\u00ed\u00adtulos p\u00fa\u00adblicos e hi\u00adpo\u00adte\u00adc\u00e1\u00adrios pelo FED, a moeda norte-ame\u00adri\u00adcana se des\u00adva\u00adlo\u00adriza. Com o fim dos ci\u00adclos de in\u00adje\u00e7\u00e3o mo\u00adne\u00adt\u00e1ria, em agosto de 2014, a moeda norte-ame\u00adri\u00adcana se va\u00adlo\u00adriza com se\u00advero im\u00adpacto na des\u00adva\u00adlo\u00adri\u00adza\u00e7\u00e3o do real e do pe\u00adtr\u00f3leo.<\/p>\n


\nGr\u00e1\u00adfico 2<\/em><\/p>\n

O plano es\u00adtra\u00adt\u00e9\u00adgico de 2011, por exemplo, de\u00adpendia da ele\u00adva\u00e7\u00e3o do en\u00addi\u00advi\u00adda\u00admento em d\u00f3\u00adlares e con\u00adtava com a pro\u00adje\u00e7\u00e3o de re\u00adceita fu\u00adtura com a venda em reais no mer\u00adcado in\u00adterno e a ex\u00adpor\u00adta\u00e7\u00e3o de pe\u00adtr\u00f3leo va\u00adlo\u00adri\u00adzado. Con\u00addi\u00ad\u00e7\u00f5es de\u00adpen\u00addentes da des\u00adva\u00adlo\u00adri\u00adza\u00e7\u00e3o do d\u00f3lar e, por\u00adtanto, vul\u00adne\u00adr\u00e1\u00adveis a sua apre\u00adci\u00ada\u00e7\u00e3o.<\/p>\n

O cor\u00adreto, e mais pru\u00addente, seria pro\u00adjetar o cres\u00adci\u00admento da pro\u00addu\u00e7\u00e3o de pe\u00adtr\u00f3leo na me\u00addida da de\u00admanda in\u00adterna, agregar valor com a pro\u00addu\u00e7\u00e3o de de\u00adri\u00advados, pe\u00adtroqu\u00ed\u00admicos, fer\u00adti\u00adli\u00adzantes etc. Al\u00e9m de subs\u00adti\u00adtuir im\u00adpor\u00adta\u00ad\u00e7\u00f5es para re\u00adduzir a ne\u00adces\u00adsi\u00addade de d\u00f3\u00adlares.<\/p>\n

Al\u00e9m dos riscos as\u00adsu\u00admidos, houve a su\u00adbor\u00addi\u00adna\u00e7\u00e3o da Pe\u00adtro\u00adbras ao cartel dos em\u00adprei\u00adteiros, vi\u00ada\u00adbi\u00adli\u00adzada pelos po\u00adl\u00ed\u00adticos tra\u00adfi\u00adcantes de in\u00adte\u00adresses e por exe\u00adcu\u00adtivos de alu\u00adguel. Tamb\u00e9m re\u00adle\u00advante foi o pre\u00adju\u00edzo de\u00adri\u00advado da po\u00adl\u00ed\u00adtica de sub\u00ads\u00ed\u00addios aos pre\u00e7os dos com\u00adbus\u00adt\u00ed\u00adveis, com perdas entre 20 e 30 bi\u00adlh\u00f5es de d\u00f3\u00adlares aos co\u00adfres da com\u00adpa\u00adnhia.<\/p>\n

Os erros do pas\u00adsado n\u00e3o podem ser uti\u00adli\u00adzados para jus\u00adti\u00adficar os erros do pre\u00adsente. \u00c9 pos\u00ads\u00edvel re\u00adduzir a d\u00ed\u00advida da Pe\u00adtro\u00adbras sem re\u00ada\u00adlizar as pri\u00adva\u00adti\u00adza\u00ad\u00e7\u00f5es pre\u00advistas entre 2017 e 2021 de US$ 19,5 bi\u00adlh\u00f5es.<\/p>\n

O Plano Es\u00adtra\u00adt\u00e9\u00adgico e de Ne\u00adg\u00f3\u00adcios vi\u00adgente (PNG 2017-2021) prev\u00ea re\u00adceita de 179 bi\u00adlh\u00f5es de d\u00f3\u00adlares entre 2017 e 2021. Deste mon\u00adtante, 158 bi\u00adlh\u00f5es s\u00e3o re\u00adsul\u00adtado da ge\u00adra\u00e7\u00e3o ope\u00adra\u00adci\u00adonal ap\u00f3s o pa\u00adga\u00admento dos di\u00advi\u00addendos. Ou\u00adtros 19,5 bi\u00adlh\u00f5es da venda de ativos e 2 bi\u00adlh\u00f5es do caixa. Entre os usos, prev\u00ea 74 bi\u00adlh\u00f5es em in\u00adves\u00adti\u00admentos, 73 bi\u00adlh\u00f5es em amor\u00adti\u00adza\u00ad\u00e7\u00f5es e 32 bi\u00adlh\u00f5es em des\u00adpesas fi\u00adnan\u00adceiras. Como re\u00adsul\u00adtado, o plano an\u00adte\u00adcipa a re\u00addu\u00e7\u00e3o da ala\u00advan\u00adcagem (raz\u00e3o entre a d\u00ed\u00advida l\u00ed\u00adquida e a ge\u00adra\u00e7\u00e3o de caixa ap\u00f3s pa\u00adga\u00admento dos di\u00advi\u00addendos) de 4,5 para 2,5 bi\u00adlh\u00f5es em 2018.<\/p>\n

De\u00admons\u00adtramos que a Pe\u00adtro\u00adbr\u00e1s n\u00e3o pre\u00adcisa vender ativos para re\u00adduzir seu n\u00edvel de en\u00addi\u00advi\u00adda\u00admento. Ao con\u00adtr\u00e1rio, na me\u00addida em que vende ativos ela reduz sua ca\u00adpa\u00adci\u00addade de pa\u00adga\u00admento da d\u00ed\u00advida no m\u00e9dio prazo e de\u00adses\u00adtru\u00adtura sua ca\u00addeia pro\u00addu\u00adtiva, em pre\u00adju\u00edzo \u00e0 ge\u00adra\u00e7\u00e3o fu\u00adtura de caixa, al\u00e9m de as\u00adsumir riscos em\u00adpre\u00adsa\u00adriais des\u00adne\u00adces\u00ads\u00e1\u00adrios.<\/p>\n

Em \u201cExiste al\u00adter\u00adna\u00adtiva para re\u00adduzir a d\u00ed\u00advida da Pe\u00adtro\u00adbr\u00e1s sem vender seus ativos\u201d de\u00admons\u00adtramos que a ali\u00ade\u00adna\u00e7\u00e3o de ativos \u00e9 uma es\u00adcolha po\u00adl\u00ed\u00adtica e em\u00adpre\u00adsa\u00adrial, e re\u00adve\u00adlamos que ela \u00e9 des\u00adne\u00adces\u00ads\u00e1ria.<\/p>\n

Apre\u00adsen\u00adtamos al\u00adter\u00adna\u00adtiva que pre\u00adserva a in\u00adte\u00adgri\u00addade cor\u00adpo\u00adra\u00adtiva da Pe\u00adtro\u00adbras e sua ca\u00adpa\u00adci\u00addade de in\u00advestir, na me\u00addida do de\u00adsen\u00advol\u00advi\u00admento na\u00adci\u00adonal e em su\u00adporte a ele. En\u00adquanto ga\u00adrante a sus\u00adten\u00adta\u00e7\u00e3o fi\u00adnan\u00adceira, tanto pela re\u00addu\u00e7\u00e3o da d\u00ed\u00advida quanto pela pre\u00adser\u00adva\u00e7\u00e3o da ge\u00adra\u00e7\u00e3o de caixa a m\u00e9dio prazo. A Ta\u00adbela 1 re\u00adsume o com\u00adpa\u00adra\u00adtivo.<\/p>\n


\nTa\u00adbela 1<\/em><\/p>\n

Na al\u00adter\u00adna\u00adtiva es\u00adtu\u00addada a partir de pa\u00adr\u00e2\u00adme\u00adtros p\u00fa\u00adblicos da Pe\u00adtro\u00adbr\u00e1s, sem vender um \u00fanico ativo, a ala\u00advan\u00adcagem po\u00adderia cair de 4,5 para 3,1 em 2018, in\u00addi\u00adcador in\u00adtei\u00adra\u00admente ra\u00adzo\u00e1vel. A amor\u00adti\u00adza\u00e7\u00e3o anual da d\u00ed\u00advida, com re\u00adcursos de parte da ge\u00adra\u00e7\u00e3o de caixa, re\u00adsul\u00adtaria na re\u00addu\u00e7\u00e3o da ala\u00advan\u00adcagem para 2,5 em me\u00adados de 2021. O es\u00adtudo \u00e9 con\u00adser\u00advador na me\u00addida em que n\u00e3o con\u00adta\u00adbi\u00adliza a ge\u00adra\u00e7\u00e3o de caixa adi\u00adci\u00adonal pela pre\u00adser\u00adva\u00e7\u00e3o dos ativos ren\u00adt\u00e1\u00adveis que se pre\u00adtende vender at\u00e9 2018.<\/p>\n

A pri\u00adva\u00adti\u00adza\u00e7\u00e3o era tra\u00adtada pu\u00adbli\u00adca\u00admente com o eu\u00adfe\u00admismo do de\u00adsin\u00adves\u00adti\u00admento, e ainda \u00e9 tra\u00adtada desta ma\u00adneira no Plano Es\u00adtra\u00adt\u00e9\u00adgico (PNG 2017-2021). En\u00adtre\u00adtanto, desde que o Tri\u00adbunal de Contas da Uni\u00e3o (TCU) e a Jus\u00adti\u00e7a Fe\u00adderal sus\u00adpen\u00adderam a venda dos ativos sem li\u00adci\u00adta\u00e7\u00e3o, por meio da ne\u00adgo\u00adci\u00ada\u00e7\u00e3o di\u00adreta ou das cartas con\u00advites, a di\u00adre\u00e7\u00e3o da Pe\u00adtro\u00adbras passou a tratar da pri\u00adva\u00adti\u00adza\u00e7\u00e3o sob o novo eu\u00adfe\u00admismo das \u201cpar\u00adce\u00adrias\u201d.<\/p>\n

Al\u00e9m do falso ar\u00adgu\u00admento de que \u00e9 ne\u00adces\u00ads\u00e1rio pri\u00adva\u00adtizar para re\u00adduzir a d\u00ed\u00advida, os apo\u00adlo\u00adgistas das par\u00adce\u00adrias ar\u00adgu\u00admentam que elas se\u00adriam be\u00adn\u00e9\u00adficas porque tra\u00adriam apren\u00addi\u00adzado tec\u00adno\u00adl\u00f3\u00adgico e de gest\u00e3o para a Pe\u00adtro\u00adbras. A des\u00adco\u00adberta do pr\u00e9-sal e o su\u00adcesso do seu de\u00adsen\u00advol\u00advi\u00admento sob a li\u00adde\u00adran\u00e7a da Pe\u00adtro\u00adbras, al\u00e9m do Fra\u00adcasso da Gest\u00e3o das Mul\u00adti\u00adna\u00adci\u00ado\u00adnais, re\u00advelam que tais ar\u00adgu\u00admentos re\u00adfletem o perfil ide\u00ado\u00adl\u00f3\u00adgico da\u00adqueles que os pro\u00adfessam (21).<\/p>\n

Pre\u00adju\u00edzos con\u00adt\u00e1\u00adbeis e Im\u00adpair\u00adment<\/strong><\/p>\n

A opi\u00adni\u00e3o p\u00fa\u00adblica \u00e9 ma\u00adni\u00adpu\u00adlada em fun\u00e7\u00e3o dos pre\u00adju\u00edzos con\u00adt\u00e1\u00adbeis re\u00adgis\u00adtrados nos ba\u00adlan\u00e7os de 2014, 2015 e 2016 (ter\u00adceiro tri\u00admestre, ba\u00adlan\u00e7o anual ainda n\u00e3o con\u00adso\u00adli\u00addado). O pre\u00adju\u00edzo con\u00adt\u00e1bil \u00e9 re\u00adsul\u00adtado da re\u00ada\u00adva\u00adli\u00ada\u00e7\u00e3o dos ativos por meio dos testes de re\u00adcu\u00adpe\u00adra\u00e7\u00e3o de valor (im\u00adpair\u00adment).<\/p>\n

Os in\u00adte\u00adres\u00adsados em pro\u00adpalar a “quebra da Pe\u00adtro\u00adbras” e jus\u00adti\u00adficar a venda dos seus ativos se fixam nos pre\u00adju\u00edzos con\u00adt\u00e1\u00adbeis e es\u00adquecem dos pu\u00adjantes re\u00adsul\u00adtados ope\u00adra\u00adci\u00ado\u00adnais que re\u00advelam a imensa ca\u00adpa\u00adci\u00addade de ge\u00adra\u00e7\u00e3o de ri\u00adqueza da com\u00adpa\u00adnhia. Tamb\u00e9m n\u00e3o con\u00adsi\u00adderam as altas e cres\u00adcentes re\u00adservas em caixa e que a sim\u00adples va\u00adlo\u00adri\u00adza\u00e7\u00e3o do real pe\u00adrante o d\u00f3lar j\u00e1 re\u00adduziu sig\u00adni\u00adfi\u00adca\u00adti\u00adva\u00admente a d\u00ed\u00advida.<\/p>\n

Em 31 de de\u00adzembro de 2015, cerca de 84% do en\u00addi\u00advi\u00adda\u00admento eram de\u00adno\u00admi\u00adnados em ou\u00adtras mo\u00adedas que n\u00e3o o real (74% em d\u00f3lar norte-ame\u00adri\u00adcano). Da d\u00ed\u00advida total de 126 bi\u00adlh\u00f5es, 93 bi\u00adlh\u00f5es eram mar\u00adcados em d\u00f3\u00adlares. Com a va\u00adlo\u00adri\u00adza\u00e7\u00e3o da co\u00adta\u00e7\u00e3o do real de 3,95 para 3,07 para cada d\u00f3lar, entre 30\/12\/15 e 15\/2\/17, po\u00addemos es\u00adtimar uma re\u00addu\u00e7\u00e3o equi\u00adva\u00adlente a 82 bi\u00adlh\u00f5es de reais ou 26,7 bi\u00adlh\u00f5es de d\u00f3\u00adlares na d\u00ed\u00advida (24).<\/p>\n

\"\"
\nTa\u00adbela 2<\/em><\/p>\n

A re\u00addu\u00e7\u00e3o da d\u00ed\u00advida pela sim\u00adples apre\u00adci\u00ada\u00e7\u00e3o do real \u00e9 37% maior do que a Pe\u00adtro\u00adbras pla\u00adneja ar\u00adre\u00adcadar com a pri\u00adva\u00adti\u00adza\u00e7\u00e3o que re\u00adsul\u00adtar\u00e1 na sa\u00edda das ati\u00advi\u00addades de pro\u00addu\u00e7\u00e3o de bi\u00ado\u00adcom\u00adbus\u00adt\u00ed\u00adveis, dis\u00adtri\u00adbui\u00e7\u00e3o de GLP (g\u00e1s de pe\u00adtr\u00f3leo li\u00adque\u00adfeito), pro\u00addu\u00e7\u00e3o de fer\u00adti\u00adli\u00adzantes e das par\u00adti\u00adci\u00adpa\u00ad\u00e7\u00f5es em pe\u00adtroqu\u00ed\u00admica. Tamb\u00e9m da re\u00ades\u00adtru\u00adtu\u00adra\u00e7\u00e3o no seg\u00admento de g\u00e1s, cuja es\u00adtra\u00adt\u00e9gia \u00e9 ade\u00adquar a par\u00adti\u00adci\u00adpa\u00e7\u00e3o da com\u00adpa\u00adnhia e, no setor de energia, re\u00ador\u00adga\u00adnizar as par\u00adti\u00adci\u00adpa\u00ad\u00e7\u00f5es so\u00adci\u00ade\u00adt\u00e1\u00adrias.<\/p>\n

Assim como das par\u00adce\u00adrias e de\u00adsin\u00adves\u00adti\u00admentos que nos pr\u00f3\u00adximos dois anos devem somar US$ 19,5 bi\u00adlh\u00f5es, por meio de cres\u00adcentes par\u00adce\u00adrias na \u00e1rea de Ex\u00adplo\u00adra\u00e7\u00e3o e Pro\u00addu\u00e7\u00e3o, al\u00e9m de Re\u00adfino, Trans\u00adporte, Lo\u00adg\u00eds\u00adtica, Dis\u00adtri\u00adbui\u00e7\u00e3o e Co\u00admer\u00adci\u00ada\u00adli\u00adza\u00e7\u00e3o (PNG 2017-2021).<\/p>\n

At\u00e9 2014, antes das re\u00adve\u00adla\u00ad\u00e7\u00f5es da cor\u00adrup\u00e7\u00e3o que vi\u00adtimou a Pe\u00adtro\u00adbras, as con\u00adsul\u00adto\u00adrias ditas in\u00adde\u00adpen\u00addentes apro\u00advaram todos os ba\u00adlan\u00e7os anuais, sem res\u00adsalvas. Com as re\u00adve\u00adla\u00ad\u00e7\u00f5es da Ope\u00adra\u00e7\u00e3o Lava Jato se viram em s\u00e9rio risco de so\u00adfrerem pro\u00adcessos que po\u00adde\u00adriam re\u00adsultar em multas e res\u00adsar\u00adci\u00admentos mi\u00adli\u00ado\u00adn\u00e1\u00adrios.<\/p>\n

Se\u00adgundo o jor\u00adna\u00adlista Luis Nassif, se re\u00adfe\u00adrindo \u00e0 atu\u00ada\u00e7\u00e3o da con\u00adsul\u00adtora PwC na au\u00addi\u00adtoria do ba\u00adlan\u00e7o de 2014:<\/p>\n

“Em cir\u00adcuns\u00adt\u00e2n\u00adcias nor\u00admais ela ana\u00adli\u00adsaria o ba\u00adlan\u00e7o da Pe\u00adtro\u00adbras, le\u00advan\u00adtaria as con\u00addi\u00ad\u00e7\u00f5es de mer\u00adcado, prin\u00adci\u00adpal\u00admente a queda subs\u00adtan\u00adcial no pre\u00e7o do barril de pe\u00adtr\u00f3leo, e obri\u00adgaria a em\u00adpresa a aplicar o teste do im\u00adpair\u00adment nos seus ativos.<\/p>\n

Como as co\u00adta\u00ad\u00e7\u00f5es de pe\u00adtr\u00f3leo ca\u00edram pela me\u00adtade, evi\u00adtaria lan\u00e7ar toda a di\u00adfe\u00adren\u00e7a em um ba\u00adlan\u00e7o apenas, mesmo porque n\u00e3o havia ainda in\u00adfor\u00adma\u00ad\u00e7\u00f5es pre\u00adcisas sobre o n\u00edvel em que as co\u00adta\u00ad\u00e7\u00f5es de pe\u00adtr\u00f3leo se es\u00adta\u00adbi\u00adli\u00adza\u00adriam.<\/p>\n

Se\u00adriam feitos al\u00adguns ajustes par\u00adciais e se di\u00adluiria o res\u00adtante do ajuste pelos anos se\u00adguintes, de\u00adpen\u00addendo do com\u00adpor\u00adta\u00admento do pe\u00adtr\u00f3leo”.<\/p>\n

O re\u00adsul\u00adtado foi o atraso na di\u00advul\u00adga\u00e7\u00e3o do ba\u00adlan\u00e7o au\u00addi\u00adtado e a apli\u00adca\u00e7\u00e3o do im\u00adpair\u00adment como ma\u00adneira in\u00addi\u00adreta de aferir as perdas pelo so\u00adbre\u00adpre\u00e7o re\u00adsul\u00adtado da cor\u00adrup\u00e7\u00e3o, apli\u00adca\u00e7\u00e3o ques\u00adti\u00ado\u00adn\u00e1vel tendo em vista que no mesmo ba\u00adlan\u00e7o de 2014 a Pe\u00adtro\u00adbras es\u00adtimou perdas di\u00adretas re\u00adla\u00adtivas \u00e0 ex\u00adtra\u00adpo\u00adla\u00e7\u00e3o das pro\u00adpinas para todos os con\u00adtratos com em\u00adpresas en\u00advol\u00advidas na Lava Jato che\u00adgando ao mon\u00adtante de 6,3 bi\u00adlh\u00f5es de reais.<\/p>\n

Ainda se\u00adgundo Nassif:<\/p>\n

“Ora, se o teste do im\u00adpair\u00adment te\u00ado\u00adri\u00adca\u00admente cal\u00adculou o valor justo dos ativos, se se des\u00adcontar o su\u00adposto valor da cor\u00adrup\u00e7\u00e3o, ha\u00adver\u00e1 uma su\u00adba\u00adva\u00adli\u00ada\u00e7\u00e3o e o ba\u00adlan\u00e7o n\u00e3o re\u00adfle\u00adtir\u00e1 a si\u00adtu\u00ada\u00e7\u00e3o da em\u00adpresa. No caso da Pe\u00adtro\u00adbras, o teste do im\u00adpair\u00adment levou a uma baixa con\u00adt\u00e1bil de R$ 44,3 bi\u00adlh\u00f5es; o tal c\u00e1l\u00adculo ale\u00ada\u00adt\u00f3rio da cor\u00adrup\u00e7\u00e3o, a mais R$ 6,3 bi\u00adlh\u00f5es”.<\/p>\n

Se\u00adgundo Do\u00admin\u00adgues:<\/p>\n

“Na an\u00e1\u00adlise da apli\u00adca\u00e7\u00e3o do teste na in\u00add\u00fas\u00adtria pe\u00adtro\u00adl\u00ed\u00adfera, ficou evi\u00addente o risco exis\u00adtente na ati\u00advi\u00addade de E&P, o que atribui a seus ativos uma in\u00adcer\u00adteza na re\u00ada\u00adli\u00adza\u00e7\u00e3o dos fluxos de caixa fu\u00adturos. E, por fim, na an\u00e1\u00adlise de como as va\u00adri\u00e1\u00adveis se\u00adle\u00adci\u00ado\u00adnadas se re\u00adla\u00adci\u00adonam e, con\u00adse\u00adquen\u00adte\u00admente, in\u00adflu\u00aden\u00adciam as Des\u00adpesas de Im\u00adpair\u00adment de E&P, ob\u00adservou-se, prin\u00adci\u00adpal\u00admente, a re\u00adla\u00e7\u00e3o in\u00adversa dessa va\u00adri\u00e1vel com os va\u00adlores das Des\u00adco\u00adbertas. Esses re\u00adsul\u00adtados d\u00e3o in\u00add\u00ed\u00adcios de que a va\u00adri\u00e1vel \u2018Des\u00adco\u00adberta\u2019 deve ser pre\u00admissa le\u00advada em con\u00adsi\u00adde\u00adra\u00e7\u00e3o no c\u00e1l\u00adculo do valor de re\u00adcu\u00adpe\u00adra\u00e7\u00e3o de um ativo de E&P”.<\/p>\n

Se\u00adgundo Lima:<\/p>\n

“Res\u00adsalte-se, con\u00adtudo, que os ativos re\u00adfe\u00adrentes ao Pr\u00e9-Sal n\u00e3o est\u00e3o de\u00advi\u00adda\u00admente va\u00adlo\u00adrados no ativo con\u00adt\u00e1bil da Pe\u00adtro\u00adbras. Ativos da \u00e1rea de Abas\u00adte\u00adci\u00admento, como al\u00adgumas re\u00adfi\u00adna\u00adrias j\u00e1 amor\u00adti\u00adzadas, tamb\u00e9m n\u00e3o est\u00e3o de\u00advi\u00adda\u00admente pre\u00adci\u00adfi\u00adcados. Os ele\u00advados vo\u00adlumes re\u00adcu\u00adpe\u00adr\u00e1\u00adveis de pe\u00adtr\u00f3leo do Pr\u00e9-Sal, que, atu\u00adal\u00admente, s\u00e3o o grande \u2018ativo\u2019 da Pe\u00adtro\u00adbras, ainda est\u00e3o no re\u00adser\u00adva\u00adt\u00f3rio e n\u00e3o podem ser con\u00adta\u00adbil\u00admente re\u00adgis\u00adtrados no ativo da em\u00adpresa. O pe\u00adtr\u00f3leo so\u00admente passa a ser pro\u00adpri\u00ade\u00addade da Pe\u00adtro\u00adbras de\u00adpois de ex\u00adtra\u00eddo. Com as im\u00adpor\u00adtantes des\u00adco\u00adbertas no Pr\u00e9-Sal, as re\u00adservas da Pe\u00adtro\u00adbras devem ul\u00adtra\u00adpassar 40 bi\u00adlh\u00f5es de barris. Vale re\u00adgis\u00adtrar, ainda, que ou\u00adtras \u00e1reas de\u00adver\u00e3o au\u00admentar sig\u00adni\u00adfi\u00adca\u00adti\u00adva\u00admente as re\u00adservas da em\u00adpresa. Ne\u00adnhuma em\u00adpresa de pe\u00adtr\u00f3leo tri\u00adplica suas re\u00adservas e au\u00admenta sua pro\u00addu\u00e7\u00e3o sem grandes in\u00adves\u00adti\u00admentos e, con\u00adse\u00adquen\u00adte\u00admente, sem au\u00admento, no curto prazo, do seu en\u00addi\u00advi\u00adda\u00admento e da sua ala\u00advan\u00adcagem”.<\/p>\n

A re\u00adla\u00e7\u00e3o con\u00adtra\u00addi\u00adt\u00f3ria entre a Pe\u00adtro\u00adbras e as con\u00adsul\u00adtoras “in\u00adde\u00adpen\u00addentes” desde as re\u00adve\u00adla\u00ad\u00e7\u00f5es da Lava Jato, a po\u00adl\u00ea\u00admica apli\u00adca\u00e7\u00e3o do teste de im\u00adpair\u00adment para in\u00addi\u00adre\u00adta\u00admente es\u00adtimar o so\u00adbre\u00adpre\u00e7o nos ativos, a es\u00adti\u00adma\u00adtiva ex\u00adtra\u00adpo\u00adlada das pro\u00adpinas re\u00adgis\u00adtradas, re\u00addun\u00addan\u00adte\u00admente, como pre\u00adju\u00edzo no ba\u00adlan\u00e7o de 2014, a des\u00adcon\u00adsi\u00adde\u00adra\u00e7\u00e3o das des\u00adco\u00adbertas do pr\u00e9-sal no c\u00e1l\u00adculo do valor de re\u00adcu\u00adpe\u00adra\u00e7\u00e3o dos ativos do E&P e o in\u00addis\u00adfar\u00ad\u00e7\u00e1vel in\u00adte\u00adresse em de\u00adpre\u00adciar os ativos e a si\u00adtu\u00ada\u00e7\u00e3o fi\u00adnan\u00adceira da Pe\u00adtro\u00adbras para jus\u00adti\u00adficar pe\u00adrante a opi\u00adni\u00e3o p\u00fa\u00adblica a venda a\u00e7o\u00addada de seus ativos nos per\u00admite ques\u00adti\u00adonar o in\u00adte\u00adresse dos agentes en\u00advol\u00advidos.<\/p>\n

O valor do pe\u00adtr\u00f3leo e o fim do pe\u00adtr\u00f3leo ba\u00adrato de se pro\u00adduzir<\/strong><\/p>\n

O pe\u00adtr\u00f3leo \u00e9 uma mer\u00adca\u00addoria es\u00adpe\u00adcial, na me\u00addida em que n\u00e3o tem subs\u00adti\u00adtutos em equi\u00adva\u00adlente qua\u00adli\u00addade e quan\u00adti\u00addade. Sua ele\u00advada den\u00adsi\u00addade ener\u00adg\u00e9\u00adtica e a ri\u00adqueza de sua com\u00adpo\u00adsi\u00e7\u00e3o, em or\u00adg\u00e2\u00adnicos di\u00adfi\u00adcil\u00admente en\u00adcon\u00adtrados na na\u00adtu\u00adreza, con\u00adferem van\u00adtagem econ\u00f4\u00admica e mi\u00adlitar \u00e0queles que o pos\u00adsuem.<\/p>\n

A so\u00adci\u00ade\u00addade que co\u00adnhe\u00adcemos, sua com\u00adple\u00adxi\u00addade, sua or\u00adga\u00adni\u00adza\u00e7\u00e3o es\u00adpa\u00adcial con\u00adcen\u00adtrada, sua pro\u00addu\u00adti\u00advi\u00addade in\u00addus\u00adtrial e agr\u00ed\u00adcola, o ta\u00admanho da su\u00adpe\u00adres\u00adtru\u00adtura fi\u00adnan\u00adceira em re\u00adla\u00e7\u00e3o \u00e0s es\u00adferas in\u00addus\u00adtrial e co\u00admer\u00adcial, foram er\u00adguidos e de\u00adpendem do pe\u00adtr\u00f3leo.<\/p>\n

O fim do pe\u00adtr\u00f3leo ba\u00adrato de se pro\u00adduzir e a re\u00addu\u00e7\u00e3o do ex\u00adce\u00addente ener\u00adg\u00e9\u00adtico e econ\u00f4\u00admico da in\u00add\u00fas\u00adtria pe\u00adtro\u00adleira est\u00e1 trans\u00adfor\u00admando, ace\u00adle\u00adra\u00adda\u00admente, a so\u00adci\u00ade\u00addade.<\/p>\n

\u00c9 ne\u00adces\u00ads\u00e1rio ga\u00adrantir a pro\u00adpri\u00ade\u00addade do pe\u00adtr\u00f3leo e ficar com seu valor de uso. Atender as ne\u00adces\u00adsi\u00addades dos bra\u00adsi\u00adleiros e er\u00adguer a in\u00adfra\u00ades\u00adtru\u00adtura dos re\u00adno\u00adv\u00e1\u00adveis para uma nova or\u00adga\u00adni\u00adza\u00e7\u00e3o pro\u00addu\u00adtiva e so\u00adcial.<\/p>\n

Quem des\u00addenha quer vender?<\/strong><\/p>\n

O co\u00adnhe\u00adcido di\u00adtado po\u00adpular afirma que \u201cquem des\u00addenha quer com\u00adprar\u201d. \u00c9 es\u00adtranho ob\u00adservar a pos\u00adtura dos di\u00adri\u00adgentes da Pe\u00adtro\u00adbras cuja pri\u00ado\u00adri\u00addade \u00e9 a venda de ativos, mas em de\u00adcla\u00adra\u00ad\u00e7\u00f5es p\u00fa\u00adblicas os de\u00adpre\u00adciam. Quando afirmam que o pr\u00e9-sal foi in\u00adde\u00advi\u00adda\u00admente en\u00addeu\u00adsado, que as uni\u00addades pe\u00adtroqu\u00ed\u00admicas s\u00e3o an\u00adti\u00ade\u00adcon\u00f4\u00admicas ou que a Pe\u00adtro\u00adbras \u00e9 ge\u00adne\u00adti\u00adca\u00admente in\u00adcapaz de atuar em bi\u00ado\u00adcom\u00adbus\u00adt\u00ed\u00adveis. Neste caso, ser\u00e1 que quem des\u00addenha quer vender?<\/p>\n

Pro\u00adduzir fer\u00adti\u00adli\u00adzantes e bi\u00ado\u00adcom\u00adbus\u00adt\u00ed\u00adveis \u00e9 bom para a Bunge, mas para a Pe\u00adtro\u00adbras \u00e9 ruim? Ou es\u00adtaria a Pe\u00adtro\u00adbras com\u00adpe\u00adtindo pelo mer\u00adcado pre\u00adten\u00addido pela Bunge?<\/p>\n

Existe uma porta gi\u00adra\u00adt\u00f3ria pela qual tran\u00adsitam os exe\u00adcu\u00adtivos entre as em\u00adpresas e bancos pri\u00advados e os cargos de di\u00adre\u00e7\u00e3o na ad\u00admi\u00adnis\u00adtra\u00e7\u00e3o p\u00fa\u00adblica di\u00adreta e in\u00addi\u00adreta. Ser\u00e1 que quando atra\u00advessam a porta e as\u00adsumem a di\u00adre\u00e7\u00e3o de uma es\u00adtatal eles se des\u00advin\u00adculam dos in\u00adte\u00adresses pri\u00advados? Ser\u00e1 que quando voltam \u00e0 ini\u00adci\u00ada\u00adtiva pri\u00advada n\u00e3o s\u00e3o me\u00adlhor re\u00adce\u00adbidos em fun\u00e7\u00e3o dos re\u00adsul\u00adtados ob\u00adtidos na gest\u00e3o da es\u00adtatal em be\u00adne\u00adf\u00edcio dos in\u00adte\u00adresses pri\u00advados? Pa\u00adrece que a ver\u00addade est\u00e1 no dito po\u00adpular e quem des\u00addenha quer mesmo \u00e9 com\u00adprar.<\/p>\n

Re\u00adfe\u00adr\u00ean\u00adcias:<\/strong><\/p>\n

http:\/\/\u200bwww.\u200bcar\u200btaca\u200bpita\u200bl.\u200bcom.\u200bbr\/\u200beco\u200bnomi\u200ba\/\u200b201ca-\u200bdivida-\u200bpublica-\u200be-\u200bum-\u200bmega-\u200besquema-\u200bde-\u200bcor\u200brupc\u200bao-\u200bins\u200btitu\u200bcion\u200baliz\u200bado2\u200b01d-\u200b9552.\u200bhtml<\/p>\n

http:\/\/\u200bjor\u200bnalg\u200bgn.\u200bcom.\u200bbr\/\u200bblog\/\u200bjose-\u200bcarlos-\u200blima-\u200bspin\/\u200ba-\u200bcor\u200brupc\u200bao-\u200be-\u200bo-\u200bsistema-\u200bda-\u200bdivida-\u200b2015-\u200bpor-\u200bmaria-\u200blucia-\u200bfat\u200btore\u200blli<\/p>\n

http:\/\/\u200bwww.\u200baud\u200bitor\u200biaci\u200bdada.\u200borg.\u200bbr\/\u200bblog\/\u200b2017\/\u200b01\/\u200b30\/\u200bmascara-\u200bdo-\u200bdeficit-\u200bda-\u200bpre\u200bvide\u200bncia\/<\/p>\n

http:\/\/\u200bjor\u200bnalg\u200bgn.\u200bcom.\u200bbr\/\u200bnoticia\/\u200bo-\u200bpre\u200bjuiz\u200bo-\u200bdo-\u200bbanco-\u200bcentral-\u200bpor-\u200bandre-\u200baraujo<\/p>\n

http:\/\/\u200bcom\u200bmodi\u200btyhq.\u200bcom\/\u200bedu\u200bcati\u200bon\/\u200b5-\u200bof-\u200bthe-\u200bbiggest-\u200boil-\u200bfinds-\u200bin-\u200bhistory\/<\/p>\n

SAUER, I. L.; RO\u00adDRI\u00adGUES L. A. Pr\u00e9-sal e Pe\u00adtro\u00adbras al\u00e9m dos dis\u00adcursos e mitos: dis\u00adputas,
\nriscos e de\u00adsa\u00adfios http:\/\/\u200bwww.\u200bscielo.\u200bbr\/\u200bscielo.\u200bphp?\u200bscr\u200bipt=sci\u200b_\u200barttext&\u200bpid=S01\u200b03-\u200b401\u200b4201\u200b6000\u200b3001\u200b85<\/p>\n

http:\/\/\u200beco\u200bnomi\u200ba.\u200buol.\u200bcom.\u200bbr\/\u200bnot\u200bicia\u200bs\/\u200breuters\/\u200b2013\/\u200b10\/\u200b21\/\u200bpet\u200brobr\u200bas-\u200be-\u200bshell-\u200bpagam-\u200br-\u200b9-\u200bbi-\u200bpara-\u200bterem-\u200blibra-\u200bde-\u200bvolta.\u200bhtm<\/p>\n

http:\/\/\u200bwww.\u200bvalor.\u200bcom.\u200bbr\/\u200bemp\u200bresa\u200bs\/\u200b4806545\/\u200bpet\u200brobr\u200bas-\u200batinge-\u200bmarca-\u200bhis\u200btori\u200bca-\u200bde-\u200bpro\u200bduca\u200bo-\u200bno-\u200bpre-\u200bsal<\/p>\n

Pa\u00adlestra \u201cPro\u00adpostas da As\u00adso\u00adci\u00ada\u00e7\u00e3o dos En\u00adge\u00adnheiros da Pe\u00adtro\u00adbr\u00e1s (AEPET)\u201d, Fe\u00adlipe Cou\u00adtinho, 2016 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2016\/\u200b11\/\u200b19\/\u200bpal\u200bestr\u200ba-\u200bpro\u200bpost\u200bas-\u200bda-\u200bass\u200bocia\u200bcao-\u200bdos-\u200beng\u200benhe\u200biros-\u200bda-\u200bpet\u200brobr\u200bas-\u200baepet\/<\/p>\n

https:\/\/\u200bfred.\u200bstl\u200bouis\u200bfed.\u200borg\/<\/p>\n

http:\/\/\u200baz5\u200b4540\u200b3.\u200bvo.\u200bmsecnd.\u200bnet\/\u200buploads\/\u200b2013\/\u200b07\/\u200bPlano-\u200bEstrat\u00e9gico-Pe\u00adtro\u00adbras-2020-Plano-de-Ne\u00adgo\u00adcios-2011-2015.pdf<\/p>\n

O His\u00adt\u00f3\u00adrico Cerco \u00e0 Pe\u00adtro\u00adbras e a Cor\u00adrup\u00e7\u00e3o, Fe\u00adlipe Cou\u00adtinho, 2015 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2015\/\u200b01\/\u200b23\/\u200bo-\u200bhis\u200btori\u200bco-\u200bcerco-\u200ba-\u200bpet\u200brobr\u200bas-\u200be-\u200ba-\u200bcor\u200brupc\u200bao\/<\/p>\n

Re\u00adceita para De\u00adfender a Pe\u00adtro\u00adbras Contra a Cor\u00adrup\u00e7\u00e3o, Fe\u00adlipe Cou\u00adtinho, 2015 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2015\/\u200b02\/\u200b08\/\u200breceita-\u200bpara-\u200bdef\u200bende\u200br-\u200ba-\u200bpet\u200brobr\u200bas-\u200bcontra-\u200ba-\u200bcor\u200brupc\u200bao\/<\/p>\n

Pro\u00adpostas para o For\u00adta\u00adle\u00adci\u00admento Ins\u00adti\u00adtu\u00adci\u00adonal e De\u00adfesa da Pe\u00adtro\u00adbras Contra a Cor\u00adrup\u00e7\u00e3o, Fe\u00adlipe Cou\u00adtinho, 2015 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2015\/\u200b03\/\u200b19\/\u200bpro\u200bpost\u200bas-\u200bpara-\u200bo-\u200bfor\u200btale\u200bcime\u200bnto-\u200bins\u200btitu\u200bcion\u200bal-\u200be-\u200bdefesa-\u200bda-\u200bpet\u200brobr\u200bas-\u200bcontra-\u200ba-\u200bcor\u200brupc\u200bao\/<\/p>\n

http:\/\/\u200bwww.\u200bsli\u200bdesh\u200bare.\u200bnet\/\u200bpet\u200brobr\u200basri\/\u200bplano-\u200best\u200bratg\u200bico-\u200be-\u200bplano-\u200bde-\u200bnegcios-\u200be-\u200bgesto-\u200b20172021<\/p>\n

Existe al\u00adter\u00adna\u00adtiva para re\u00adduzir a d\u00ed\u00advida da Pe\u00adtro\u00adbr\u00e1s sem vender seus ativos, Fe\u00adlipe Cou\u00adtinho e Jos\u00e9 Carlos de Assis, 2016 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2016\/\u200b10\/\u200b06\/\u200bexiste-\u200balt\u200berna\u200btiva-\u200bpara-\u200breduzir-\u200ba-\u200bdivida-\u200bda-\u200bpet\u200brobr\u200bas-\u200bsem-\u200bvender-\u200bseus-\u200bativos\/<\/p>\n

Pa\u00adlestra \u201cDo pe\u00adtr\u00f3leo ao valor ex\u00adce\u00addente pro\u00addu\u00adzido por meio da Pe\u00adtro\u00adbr\u00e1s\u201d, Fe\u00adlipe Cou\u00adtinho, 2015 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2015\/\u200b09\/\u200b19\/\u200bpal\u200bestr\u200ba-\u200bdo-\u200bpet\u200brole\u200bo-\u200bao-\u200bvalor-\u200bexc\u200beden\u200bte-\u200bpro\u200bduzi\u200bdo-\u200bpor-\u200bmeio-\u200bda-\u200bpet\u200brobr\u200bas\/<\/p>\n

http:\/\/\u200bwww.\u200bpet\u200brobr\u200bas.\u200bcom.\u200bbr\/\u200bfatos-\u200be-\u200bdados\/\u200bava\u200bncam\u200bos-\u200bna-\u200balianca-\u200best\u200brate\u200bgica-\u200bcom-\u200ba-\u200btotal-\u200bcom-\u200ba-\u200bass\u200binat\u200bura-\u200bde-\u200bnovos-\u200bacordos.\u200bhtm<\/p>\n

http:\/\/\u200bwww.\u200baepet.\u200borg.\u200bbr\/\u200bnot\u200bicia\u200bs\/\u200bpagina\/\u200b14020\/\u200bTCU-\u200bprobe-\u200bPet\u200brobr\u200bs-\u200bde-\u200bvender-\u200bativos-\u200bpor-\u200birr\u200begul\u200barid\u200bades-\u200bnos-\u200bpro\u200bcess\u200bos<\/p>\n

http:\/\/\u200bwww.\u200baepet.\u200borg.\u200bbr\/\u200bnot\u200bicia\u200bs\/\u200bpagina\/\u200b14204\/\u200bJustia-\u200bFederal-\u200bde-\u200bSergipe-\u200bconcede-\u200bliminar-\u200bque-\u200bsus\u200bpend\u200be-\u200bvenda-\u200bda-\u200bNTS<\/p>\n

O fra\u00adcasso da gest\u00e3o das mul\u00adti\u00adna\u00adci\u00ado\u00adnais do pe\u00adtr\u00f3leo e as li\u00ad\u00e7\u00f5es para a Pe\u00adtro\u00adbras, Fe\u00adlipe Cou\u00adtinho, 2016 https:\/\/\u200bfel\u200bipec\u200bouti\u200bnho2\u200b1.\u200bwor\u200bdpre\u200bss.\u200bcom\/\u200b2016\/\u200b06\/\u200b10\/\u200bo-\u200bfra\u200bcass\u200bo-\u200bda-\u200bgestao-\u200bdas-\u200bmul\u200btina\u200bcion\u200bais-\u200bdo-\u200bpet\u200brole\u200bo-\u200be-\u200bas-\u200blicoes-\u200bpara-\u200ba-\u200bpet\u200brobr\u200bas\/<\/p>\n

http:\/\/\u200bwww.\u200bdin\u200bheir\u200borur\u200bal.\u200bcom.\u200bbr\/\u200bsecao\/\u200bagr\u200boneg\u200bocio\u200bs\/\u200bos-\u200br-\u200b28-\u200bbilhoes-\u200bde-\u200bpedro-\u200bparente<\/p>\n

http:\/\/\u200bage\u200bncia\u200bbras\u200bil.\u200bebc.\u200bcom.\u200bbr\/\u200beco\u200bnomi\u200ba\/\u200bnoticia\/\u200b2016-\u200b09\/\u200bpet\u200brobr\u200bas-\u200bdeixara-\u200bsetores-\u200bde-\u200bbio\u200bcomb\u200busti\u200bveis-\u200bpet\u200broqu\u200bimic\u200ba-\u200be-\u200bfer\u200btili\u200bzant\u200bes<\/p>\n

http:\/\/\u200bwww.\u200binv\u200besti\u200bdorp\u200betro\u200bbras.\u200bcom.\u200bbr\/\u200bpt\/\u200brel\u200bator\u200bios-\u200banuais\/\u200bform-\u200b20f-\u200b0<\/p>\n

http:\/\/\u200bm.\u200bjb.\u200bcom.\u200bbr\/\u200beco\u200bnomi\u200ba\/\u200bnot\u200bicia\u200bs\/\u200b2016\/\u200b09\/\u200b20\/\u200be-\u200buma-\u200bmudanca-\u200bimp\u200borta\u200bnte-\u200bda-\u200bpet\u200brobr\u200bas-\u200bdiz-\u200bpedro-\u200bparente\/<\/p>\n

http:\/\/\u200bjor\u200bnalg\u200bgn.\u200bcom.\u200bbr\/\u200bnoticia\/\u200bo-\u200bnon\u200bsens\u200be-\u200bdo-\u200bbalanco-\u200bda-\u200bpet\u200brobr\u200bas<\/p>\n

Dis\u00adser\u00adta\u00e7\u00e3o de Mes\u00adtrado, Perda do valor de re\u00adcu\u00adpe\u00adra\u00e7\u00e3o em ativos de ex\u00adplo\u00adra\u00e7\u00e3o e pro\u00addu\u00e7\u00e3o de pe\u00adtr\u00f3leo e g\u00e1s, Jo\u00e3o Carlos de Aguiar Do\u00admin\u00adgues, USP, 2010 http:\/\/\u200bwww.\u200bteses.\u200busp.\u200bbr\/\u200bteses\/\u200bdis\u200bponi\u200bveis\/\u200b96\/\u200b96133\/\u200btde-\u200b060\u200b5201\u200b0-\u200b140536\/\u200bpt-\u200bbr.\u200bphp<\/p>\n

http:\/\/\u200bbra\u200bsilp\u200bensa\u200bdor.\u200bblo\u200bgspo\u200bt.\u200bcom.\u200bbr\/\u200b2016\/\u200b04\/\u200ba-\u200bver\u200bdade\u200bira-\u200bhis\u200btori\u200ba-\u200bdo-\u200bbalanco-\u200bda.\u200bhtml<\/p>\n

http:\/\/correiocidadania.com.br\/2-uncategorised\/12361-a-construcao-da-ignorancia-sobre-a-petrobras<\/p>","protected":false},"excerpt":{"rendered":"

Felipe Coutinho – Quem pensa que a Pe\u00adtro\u00adbras est\u00e1 que\u00adbrada, que a pro\u00addu\u00e7\u00e3o do pr\u00e9-sal \u00e9 lenta, que o pr\u00e9-sal \u00e9 um mico e n\u00e3o tem valor ou que a ex\u00adpor\u00adta\u00e7\u00e3o de pe\u00adtr\u00f3leo por mul\u00adti\u00adna\u00adci\u00ado\u00adnais pode de\u00adsen\u00advolver o Brasil, est\u00e1 sendo en\u00adga\u00adnado. \u00c9 v\u00ed\u00adtima da ig\u00adno\u00adr\u00e2ncia pro\u00admo\u00advida pelos em\u00adpre\u00ads\u00e1\u00adrios da co\u00admu\u00adni\u00adca\u00e7\u00e3o, po\u00adl\u00ed\u00adticos e exe\u00adcu\u00adtivos a […]<\/p>\n","protected":false},"author":1,"featured_media":619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[5,2],"tags":[],"class_list":["post-3235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economia","category-politica"],"yoast_head":"\nA constru\u00e7\u00e3o da ignor\u00e2ncia sobre a Petrobr\u00e1s - 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