Business

Bolsonaro to bring a new CEO for Petrobras

On Thursday evening, Jair Bolsonaro hinted toward changing the Petrobras leadership. He pulled the trigger 24 hours later

Roberto Castello Branco
Roberto Castello Branco will be pulled from Petrobras. Photo: Fernando Brazão/ABr

Back in 2018, we at The Brazilian Report discussed how Petrobras’ utter dominance of the country’s oil refining industry puts the interests of its stakeholders at odds with one another. Petrobras’ quasi-monopoly creates a rift between minority shareholders — who are merely interested in raising the company’s profits and value — and the government, which owns a controlling stake and must consider the company’s role in public policies, inflation control, and its institutional symbolism.

That division has rarely been more apparent than today — as President Jair Bolsonaro angles to swap out the company’s chief executive officer in a...

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