Bolsonaro’s nominee to run Petrobras stresses want for “stability” in gas pricing


Brazilian President Jair Bolsonaro’s nominee to steer state-run oil firm Petrobras mentioned on Saturday the corporate wants to seek out “stability” in gas pricing, contemplating the affect on shareholders, traders, sellers and customers, Pattern experiences citing Reuters.

Joaquim Silva e Luna, a retired military basic and former protection minister overseeing the state-run Itaipu hydroelectric dam on the border with Paraguay and Argentina since 2019, was tapped on Friday to be the following chief govt of Petróleo Brasileiro SA.

Bolsonaro has criticized Roberto Castello Branco, present CEO of the state agency recognized formally as Petroleo Brasileiro SA, for ignoring the complaints of truckers as he hiked diesel costs 15% this week, monitoring world markets larger.

Petrobras shares plunged resulting from rising investor fears of political interference in gas pricing, which has triggered billions of {dollars} in losses over the previous decade.

Luna was cautious in a few of his first public feedback since Bolsonaro made the announcement in a late Friday social media submit, in search of to allay issues that the corporate would lose autonomy to set costs in Brazil, the place it dominates the market.

Present CEO Castello Branco’s time period ends March 20. Cheered by traders for his efforts to promote underperforming property and minimize debt, the College of Chicago-trained economist could be the second Petrobras head in three years to depart over disagreements in gas pricing.

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