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4-Traders Homepage  >  Equities  >  BOLSA DE VALORES DE SAO PAULO  >  Petroleo Brasileiro SA Petrobras    PETR4   BRPETRACNPR6

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11.94 BRL   --.--%
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Petroleo Brasileiro Petrobras SA : Brazil States File Oil-Royalties Lawsuits with Supreme Court

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03/15/2013 | 09:26pm CEST

RIO DE JANEIRO--Three Brazilian states that stand to lose billions of dollars of revenue from the redistribution of oil royalties filed lawsuits Friday with the country's Supreme Court to block implementation of the new law, court and state officials said.

The lawsuits are the latest step in a long-running political battle that pits Brazil's three major oil-producing states of Rio de Janeiro, Espirito Santo and Sao Paulo against the country's remaining 24 states, which have little oil production and stand to benefit financially from the new distribution scheme. The legal wrangling, however, isn't expected to delay an important auction of new oil and natural gas exploration concessions set for May.

In the filings, the three states said the distribution plan is unconstitutional because it breaks contracts signed by the government with oil drillers over the past decade. The states, which estimate the change will cost them about $3 billion in annual revenue from crude oil and natural gas production, also said the change will cause budget shortfalls.

Rio de Janeiro Gov. Sergio Cabral said the changes compromised public works projects and other investments in the state, including preparations for the 2014 Soccer World Cup and 2016 Summer Olympics.

The states requested an injunction to block implementation of the new royalties regime, in addition to a ruling on the constitutionality of the new law. The law, however, is effectively suspended until the Supreme Court makes a definitive ruling on the lawsuits, a court official said.

Supreme Court Justice Carmen Lucia was assigned the case, and could make a ruling on the injunction as early as Friday, the court official said. The ruling on the injunction would then be reviewed by the full court at a later date, the official said. The Supreme Court holds plenary sessions on Wednesdays and Thursdays.

The new law, which was published Friday in the Federal Register, equally distributes royalties from existing and future oil production between the country's 27 states.

Write to Jeff Fick at Jeff.Fick@dowjones.com

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Financials ( BRL)
Sales 2016 303 940 M
EBIT 2016 39 854 M
Net income 2016 603 M
Debt 2016 383 370 M
Yield 2016 3,33%
P/E ratio 2016 35,65
P/E ratio 2017 8,10
EV / Sales 2016 1,82x
EV / Sales 2017 1,53x
Capitalization 169 222 M
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Mean consensus HOLD
Number of Analysts 13
Average target price 11,2  BRL
Spread / Average Target -6,5%
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Managers
NameTitle
Pedro Pullen Parente Chief Executive Officer & Director
Aldemir Bendine President & Director
Luiz Nelson Guedes de Carvalho Chairman
Ivan de Souza Monteiro Chief Financial & Investor Relations Officer
Roberto Moro Chief Engineering & Technology Officer
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Sector and Competitors
1st jan.Capitalization (M$)
PETROLEO BRASILEIRO SA..78.21%52 027
PETROCHINA COMPANY LIM..-12.69%191 085
TOTAL4.41%118 881
ENI SPA3.12%56 757
ROSNEFT' NK OAO--.--%54 752
STATOIL ASA17.14%54 694
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