*Magda Chambriard, who was sworn in yesterday as the new CEO of Brazil’s state-controlled oil company, Petrobras, has indicated that the company will increase its efforts to boost the national economy while ensuring profitability for shareholders. Chambriard said that Petrobras will increase its diversification into chemical and fertiliser production, which has been urged by President Luiz Inácio Lula da Silva. She also said that Petrobras would support the green energy transition in Brazil, saying that “oil is going to foot the bill” of the transition. Chambriard’s predecessor, Jean Paul Prates, was fired last month amid tensions with the Lula administration, which has been pressuring Petrobras to reinvest more of its profits rather than prioritising dividend payouts to shareholders.
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LatinNews Daily - 20 June 2024
In brief: New CEO of Brazil’s Petrobras signals alignment with gov’t aims
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