From the Field
Petrobras to receive $388 mln from Brazil regulator
RIO DE JANEIRO, September 21, 2018 – Brazil’s National Agency of Petroleum, Natural Gas and Biofuels has agreed to reimburse NOC Petrobras USD 388 million to cover some diesel subsidies, international media reported Thursday.
The regulator approved a USD 173-million remittance yesterday, on top of a USD 215-million payment agreed to earlier this week.
These payments will be the first that Petrobras will receive since the Brazilian government began a diesel subsidy programme in June following a truck drivers’ strike in May that severely impacted the domestic economy. Under the deal struck with the government, Petrobras and other refiners agreed to lower fuel prices for consumers, and later be reimbursed by the ANP.
Payment delays have put strain on Petrobras as it makes efforts to reduce its debt levels. The NOC has been losing money due to having to import fuel to meet market demand.