In 2023, Petrobras, Brazil’s state-owned oil company, will turn 70. Throughout its existence, it has served as a major Rorschach test in Brazilian politics. To its supporters, it serves as a potent incubator for specialized Brazilian construction and engineering, driving the development of internationally competitive technical expertise in the multifaceted oil industry.
For opponents, as the company has never really had to face competition from other private corporations in refining oil into products like gasoline, kerosene, and diesel, Petrobras is riddled with inefficiencies.
On the one hand, the company offers Brazil a measure of political and economic independence...
