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Brazil’s Bolsonaro hints at potential replacement of Petrobras CEO -Breaking

by Mike Robinson

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© Reuters. Joaquim Silvi e Luna (CEO of Brazil’s state-run oil firm Petrobras) speaks in a plenary of Brazil’s Chamber of Deputies, Brasilia on September 14, 2021. REUTERS/Adriano Machado

(Reuters] – Brazil’s President Jairbolsonaro stated Wednesday that Petrobras may be replacing its chief executive. The announcement adds pressure to Petrobras’ pricing policy.

Bolsonaro spoke to regional television channel and stated that Joaquim Silvae Luna could be the Petrobras CEO. However, he said “everyone can be replaced in government if they’re not performing their jobs at satisfactory levels.”

Bolsonaro stated that “It doesn’t necessarily mean they’ll be replaced” or that they wouldn’t be replaced.

Luna, a former army general, declared Monday that he wouldn’t leave the company, despite being criticised by Bolsonaro as well as others, over an announcement last week regarding fuel prices.

Bolsonaro named him after Roberto Castello Branco was fired for disagreeing with Bolsonaro about the pricing policy of the company.

Petrobras shares fell 2.3% after Bolsonaro’s announcement, but traded 1% lower in the afternoon. The stock Index rose 1.5%.

Petrobras was formerly known as Petroleo Brasileiro SA. Reuters did not reach out to them for comment.

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