Business

Nomination process for new Petrobras CEO trundles on

The Bolsonaro administration continues to search for ways to speed up the nomination of a new Petrobras CEO to increase its influence over the company and keep up the pressure to contain fuel price hikes

petrobras The government sees rising fuel prices as a major obstacle to President Bolsonaro's re-election plans. Photo: Jair Ferreira Belafacce/Shutterstock
The government sees rising fuel prices as a major obstacle to President Bolsonaro’s re-election plans. Photo: Jair Ferreira Belafacce/Shutterstock

Back on May 23, the Brazilian government announced that, yet again, it would be replacing the chief executive officer of oil and gas firm Petrobras. This was the third time President Jair Bolsonaro had jettisoned a CEO of the state-controlled company in connection with rising fuel prices. The current CEO, José Mauro Coelho, lasted just 40 days before the government decided to show him the door.

His replacement, pending approval from the board, is Caio Paes de Andrade, the current Debureaucratization Secretary in the Economy Ministry and a self-described “serial entrepreneur” with no experience in oil and gas.

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