Stock Groups

Exclusive-Petrobras chairman Ferreira says will step down -Breaking


© Reuters. FILEPHOTO: This is the Petrobras logo seen on April 23rd 2015 in front of its headquarters in Sao Paulo. REUTERS/Paulo Whitaker

Sabrina Valle

HOUSTON, (Reuters) – Petroleo Brasileiro SA Chairman Admiral Eduardo Bacellar Leal Ferreira said to Reuters that he intends to resign. According to two sources, Rodolfo Lundim is being considered as Rodolfo’s possible successor.

Ferreira stated that Petrobras Chairman is a 24 hour job, and that he wants to spend more quality time with his family. Ferreira also said that he has 2 grown children who live outside Brazil.

Ferreira did not respond to our request for further information.

As oil prices approach $120 per barrel, investors are urging Petrobras to make fuel costs more affordable. With more than 80% Brazil’s refinery capacity, the company is responsible for controlling gasoline and diesel prices.

Two people who are familiar with this matter say Rodolfo Landim was a Petrobras employee before starting his own company. Landim serves as the president for a Brazil soccer team.

Petrobras expects to make an official announcement next week. Petrobras did not immediately reply to our request for comment.

Jair Bolsonaro, the Brazilian president, stated Thursday that Petrobras may lower its profits to stop fuel prices exploding.

Bolsonaro made a weekly statement on social media that he is certain Petrobras will protect Brazilian consumers from steep price hikes.

Bolsonaro made the comments after Petrobras broke its record for dividend payouts and annual profits in 2021. This was due to skyrocketing Brent prices. Investors could be concerned that Bolsonaro could try to influence the price setting policies of Petrobras.

Many Brazilians are angry at Petrobras’s policy to seek parity between international fuel prices and domestic fuel prices. This is despite the fact that oil has gone up in price. Petrobras is being called out by a growing number of politicians to help with the heavy burden.

Joaquim Silva e Luna (Chairman Executive) told Reuters Wednesday that Petrobras has not taken a decision yet on price adjustments for fuel.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.