Petrobras expects further refunds from graft losses
Amid the corruption investigations, Petrobras closed out 2015 with a negative $9.6 billion bottom line 
Petrobras expects to recover some more of the funds embezzled from the company in the corruption scheme investigated under Operation Car Wash. According to CEO Aldemir Bendine, about $82 million have been returned to the company's coffers so far, but this amount should increase.
“This amount has already been made available to the company's coffers, but there are a number of pending legal proceedings with outstanding funds to be recovered. We expect that at least most of that money will be returned to the company, excluding legal costs arising from this investigation,” Bendine said.
In two years, the investigation has ensured the recovery of $800 million and the repatriation of $181.9 million through 97 international cooperation agreements. The total refund ordered by Brazil's federal prosecutors to be paid by contractors and former Petrobras directors implicated in the graft scheme totals over $6 billion.
Amid the corruption investigations, Petrobras closed out 2015 with a negative $9.6 billion bottom line. With this result, Bendine said, the company will not be paying dividends to shareholders or profit sharing bonuses to employees this year.
About the company's plans for investments in 2016, Bendine said that the business plan has not been completed, but he anticipates that investments should be lower than last year's $23 billion. The expected divestment in 2016, which will consist of the sale of assets as an attempt to rebalance financial results, is a targeted $14.4 billion.
According to Bendine, negotiations are advancing at a steady, but confidential pace. “We have quite a broad portfolio. Our assets have been in strong demand. Some of these negotiations are moving near completion, but to the company's best interests of not selling any assets outside of their real value,” he said.
The CEO said, however, that in the event of a “shock” in the pace of negotiations, the company has enough cash to honor its commitments at least until the end of 2017 without having to raise capital in the market.
“That does not mean that, if we had market potential to extend this period and reduce our costs, we would not do so [raise capital in the market] [if] we came across good opportunities, including one recently announced with China Development Bank,” Bendine said.
Translated by Mayra Borges
Fonte: Petrobras expects further refunds from graft losses
