Petrobras’ newly appointed CEO Aldemir Bendine refuted reports Wednesday that the company will take a $30 billion write down tied to a corruption scandal and said the rumor does not reflect “the reality of the company.”
Bendine said no decision has been made on how large the write down will be but suggested the $30 billion figure is too high, Reuters said.
He told Brazil’s TV Globo Bendine that Petrobras’ board of director have given him full autonomy to decide the company’s pricing policy and protect the company’s cash position.
“What we are discussing now is the methodology, the way to calculate this. The results will reflect the actual situation in 2014, which could be affected by corruption, but also other variables such as prices” Bendine said.
Former CEO Maria das Graças Foster has said the state owned company could face write downs of up to $31 billion for alleged bribery and kickback schemes tied to company contracts.
Bendine confirmed that a write down should be expected in the company’s long delayed audited third quarter results.
The results have been delayed since November after PricewaterhouseCooper refused to sign off amid allegations of corruption.
Bendine is reportedly aiming to release the results by the end of March, Brazil’s Globo said.
Foster and five other senior executives resigned last week amid an ongoing corruption scandal that has already landed three former executives in jail.
Bendine, 52, has served as CEO of state owned Banco do Brasil since 2009 but has no experience in the oil and gas industry.
Some investors are concerned that Bendine is too close to President Rousseff to make any major changes at the state owned company.
Brazil’s Petrobras is currently the most indebted oil and gas company in the world with about $110 billion in net debt.