Board Petrobras may have to resign, says Grace

Rio de Janeiro - The president of Petrobras, Mary Grace Foster, said on Wednesday it will be in office as President Dilma Rousseff wants, but did not rule out possible output of any state board for the publication of the audited balance sheet, which is delayed, can occur.

"Today I am here Petrobras president while I have the confidence of the Presidency, and she understood that I should stay," said Grace Foster, as he prefers to be called, during breakfast with reporters.

"My motivation is not to stop the signing of Petrobras balance due to the investigation," he added.

On Friday, Petrobras has postponed again the disclosure of financial statements unaudited third quarter of 2014 to 31 January due to "new facts" concerning operation Lava Jet investigating an alleged corruption scheme in the state.

The new delay was possible because the creditors agreed to changes in the contractual terms of the bonus (covenants) dealing with the deadlines for the presentation of results, eliminating the risk of the company have to pay in advance part of the growing debt.

According to the executive, the current board need to have a positive sign that is able to remain from the point of their governance practices, and this needs to be investigated, which could further delay the publication of the balance sheet of the company.

"I need to be investigated, we need to be investigated, it takes time," he said, explaining that independent firms contracted to carry out audits in the company have one-year contracts, but it can take longer.

Operation Lava Jet Federal Police, which has resulted in the acceptance of several complaints by the Federal Court this week, investigating a corruption scheme in the works of the state, involving contractors and illegal payments to politicians who led the independent auditors refusing to sign the the third quarter balance sheet.

According to Grace Foster, it may take years for all complaints are investigated to the fullest.

However, she indicated that the directors believe in their "moral".

"We are not the only ones capable of materializing all this, there are people within the company ready to take us, and we are not an isolated value. There are inside and outside the company who may take the chair of the president, but we believe in us, in our moral "he said.

The executive also said that is eager to see all reports clarified.

"We are not afraid of the truth," said Grace Foster, after the press conference.

investments

Grace Foster also said that investments in 2015 the principle should be lower than in 2014, but said values would not be revealed now.

The director of Exploration and Production of Petrobras, José Miranda Formigli, explained that a possible reduction of investment "does not make immediate significant impact" and stressed that "today" the company continues to work with the original curve of production.

According to the executive, the company is studying the financial viability of the company and the market's ability to meet their demands. For him, some consequences of the current situation Lava Jet bring uncertainties related to some key industry players.

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