Live Blog

Petrobras committee approves new CEO

petrobras José Mauro Coelho. Photo: Jefferson Rudy/SF/CC-BY 4.0
José Mauro Coelho. Photo: Jefferson Rudy/SF/CC-BY 4.0

The eligibility committee of Brazil’s oil and gas major Petrobras, approved the nomination of José Mauro Coelho as the company’s new chief executive officer. A former national oil secretary, he was picked last week by the government after other potential replacements chose not to take the job.

In a securities filing, the committee informed regulators of its “unanimous” decision to greenlight Mr. Coelho’s nomination. He is yet to gain approval from shareholders, who will meet tomorrow. 

Mr. Coelho is set to take office as Petrobras faces a massive stress test, with ballooning oil prices lowering Brazilians’ purchasing power. President Jair Bolsonaro, meanwhile, has tried to pressure the company into ending its pricing policy which pegs fuel to international oil rates.