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Brazil’s Guedes suggests privatizing Petrobras before it becomes ‘irrelevant’ -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – People walk past the headquarters of Brazil’s Petrobras, a state-owned oil company, in Rio de Janeiro (Brasil), October 16, 2019. REUTERS/Sergio Moraes/File Photo

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BRASILIA (Reuters – Brazil’s Economy Minister Paulo Guedes suggested Wednesday that Petrobras, the state-run oil company Petrobras, should be privatized to prevent it from becoming irrelevant. He also said that oil could lose its value and that Petrobras must cease being relevant. The sale would allow the government to use proceeds of the sale for poverty fighting.

Correios, the postal service company, should be sold fast as it could become irrelevant within two to three years. Petrobras is the same…We must privatize Eletrobras, Correios, and remember that (the reason) also applies Petrobras to our whole portfolio,” Guedes explained.

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