What could Brazil gain from privatizing Petrobras?


More than just a company, Petrobras is part of Brazil’s identity. It was founded in 1953, following a nationalist campaign proclaiming “The Oil is Ours!”—against the entreguistas who were accused of wanting to hand over Brazil’s national riches to foreign groups. Six decades later, Petrobras is Brazil’s undisputed largest corporation—being featured on the Fortune 500 list for 23 straight years.

‘Privatization’ remains a dirty word for millions until this day, as 55 percent of Brazilians reject the idea, according to recent polls....

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