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PetroRio paves the way towards growth with acquisitions and market value rises 25 times PetroRio paves the way towards growth with acquisitions and market value rises 25 times

25.05.2019

PetroRio paves the way towards growth with acquisitions and market value rises 25 times

In an unprecedented event at PetroRio in Houston attended by investors and major oil & gas players, the company's CEO, Nelson Queiroz Tanure, told the company's successful trajectory, which was established in 2015, amid a major sectoral crisis. Despite the challenging environment, the company maintained focus and discipline, renegotiating contracts and applying strong methods to manage costs, people and to structure the business, according to Queiroz Tanure. "In a short time, PetroRio has become the largest independent oil company in Brazil", said the CEO in his speech. Queiroz Tanure also pointed out that over 80% of the employees are shareholders of the company, which market value rose from US$ 16 million to about US$ 700 million, a 25-time increase. In its sustainable and long-lasting expansion path, PetroRio started with the acquisition of the Polvo field. In 2017, the company bought Brasoil, which main asset is a 10% stake in the Manati gas field - in which PetroRio helped reduce costs and streamline the operation. The big leap took place from the end of 2018 to the beginning of the following year, with the purchase of a 70% stake in the Frade field, which was operated by Chevron. In the event, Queiroz Tanure also said that the company will start a road show to raise funds to consolidate their expansion and intend to launch a nearly US$ 400-million bonus in the Norwegian market or to make a fundraising with trading companies, by hedging exports. PETRORIO INSTITUTE An important part of the company's strategy is socio-environmental responsibility, which is carried out through the PetroRio Institute. Among other projects, it supports artists from all over Brazil, through the Teatro PetroRio das Artes, which receives street musicians, and supports the Instituto Reação - which teaches judo to children from poor communities in the city of Rio de Janeiro. During the event, the company announced a partnership with Rafaela Silva, a Brazilian Olympic and world judo champion, discovered by Instituto Reação and who is a promise for the 2020 Olympic Games.


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