Business

Controlled prices or free market? The Petrobras dilemma

petrobras brazil oil prices
Protesters ask for lower oil prices. Photo: Petrobras

Founded in 1953, Petrobras has grown to become the country’s largest corporation, being featured in the Fortune 500 list for 23 straight years. Brazil’s oil and gas giant is a mixed-capital company. Its shares are split between the federal government – which has a 50.26 percent stake – and private investors.

The company went public during Fernando Henrique Cardoso’s administration, and its stock is now traded in São Paulo, New York City, Madrid, and Buenos Aires. Still, Brazil’s federal government retains its role as controller and manages nearly two-thirds of the voting shares. In addition to the shares held...

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