Regulation & Approvals
Flávio Bolsonaro Rules Out Petrobras Privatization as Market Expects Asset Sales
By News Desk ·
Key takeaways
- Flávio Bolsonaro's campaign said Petrobras privatization is not in its plans, and the company is not named in the proposals delivered to the TSE.
- Adolfo Sachsida, a top economic adviser to Flávio, said in a video that no privatizations of Banco do Brasil, Caixa Econômica or Petrobras will happen.
- Adriano Pires, who coordinates Flávio's energy campaign, said in August that capitalizing Petrobras could be discussed, but that it is not in the government plan.
- Under Jair Bolsonaro, Petrobras sold four of eight refineries put up for sale, including the Mataripe refinery in Bahia.
Flávio Bolsonaro's campaign has ruled out privatizing Petrobras, but the market expects a return to the asset sales and downsizing the state oil company underwent under Jair Bolsonaro. Folha reported that Petrobras is not named among the proposals the candidate submitted to the TSE, and that the campaign's economic team has not commented on the issue.
Flávio's Campaign and the Petrobras Question
Adolfo Sachsida, a former mines and energy minister under Jair Bolsonaro who is now one of Flávio's top economic advisers, addressed state companies in a video. "Se você está ouvindo esse vídeo e é do Banco do Brasil, da Caixa Econômica e da Petrobras, saiba de uma coisa: não existirão privatizações de empresas. Nenhuma dessas empresas será tocada", he said.
Adriano Pires, who coordinates Flávio's energy campaign and is cited as a possible head of Petrobras or the mines and energy ministry if the PL wins, raised the possibility of privatization in late August. In an interview with SBT News, he said he saw no problem, "nenhum fantasma", in discussing capitalizing Petrobras along the lines of what Jair Bolsonaro's government did with Eletrobras, reducing the state's stake to a minority position without influence over decisions. "Pode ter discussão de fazer uma capitalização da Petrobras. Mas isso não está no plano de governo, quem vai decidir é o Congresso Nacional", he said. Pires, who was nominated to lead Petrobras by Bolsonaro in 2022 and withdrew after questions over conflicts of interest, declined an interview with Folha over the past three weeks.
Flávio's government plan does not say how fuel prices would be set if he wins. It promises tax cuts without further detail. Under Jair Bolsonaro, Petrobras sold assets then considered non-strategic, including smaller oil fields and gas pipelines, exited fuel distribution with the sale of its remaining stake in BR Distribuidora, now Vibra Energia, and of Liquigás, and put eight refineries up for sale, selling four, including the Mataripe refinery in Bahia.
Petrobras Operations on Record
According to akta.pro company records, Petrobras approved a final investment decision in June 2026 on the US$1.2 billion RPBC Biorefining project at the Presidente Bernardes Refinery in Cubatão, to produce up to 15,000 bpd of bio-jet fuel and renewable diesel, with operations scheduled for 2030. The same records show record oil and gas production of 3.23 million BOE/d in Q1 2026, a 16.1% year-on-year increase, with pre-salt output of 2.66 million boed accounting for more than 80% of the total.
Earlier Moves Around the Election
On October 21, 2026, Flávio Bolsonaro's adviser Alexandre Chequer said Petrobras will not be privatized but will be given broad freedom to reshape its portfolio and attract private investment, Bloomberg reported. Petrobras said the same day that it views positively the ANP's decision to postpone the public hearing on the Gas Release program to November 19, according to InfoMoney. On October 22, 2026, Goldman Sachs estimated Petrobras may raise diesel prices by about 50% after the second presidential election, as its diesel is 21% below international parity, InfoMoney reported.
Next Steps for Petrobras
Brazil's presidential runoff is on October 25, 2026. The ANP's public hearing on the Gas Release program is scheduled for November 19.