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New Petrobras CEO Takes Office

Joaquim Silva e Luna has begun his mandate as Petrobras chief executive officer. Joaquim Silva e Luna has begun his mandate as Petrobras’ chief executive officer (CEO) following a ceremony held in Rio de Janeiro, Brazil. The ceremony was attended in person by the Minister of Mines and Energy, Bento Albuquerque, the president of the Petrobras Board of Directors, Eduardo Bacellar Leal Ferreira, and the director-general of the ANP, Rodolfo Saboia. “There is no doubt that the main challenges, among many others, are to make Petrobras increasingly stronger, working with a vision for the future, with safety, respect for the environment, for shareholders and for society in general, in order to ensure the highest possible return on the capital employed, to grow with the support of world-class oil and gas assets, in deep and ultradeep waters, relentlessly seeking low efficiency costs,” Luna said in his inauguration speech, which was broadcasted live.

Petrobras shares slump as Brazil s Bolsonaro doubles down on intervention

4 Min Read RIO DE JANEIRO (Reuters) - Petrobras shares plunged 22% on Monday, wiping out 71 billion reais ($13 billion) in market value, as Brazilian President Jair Bolsonaro again slammed its pricing policies after he replaced the state-controlled oil company’s market-friendly CEO with a retired army general. FILE PHOTO: A logo of Brazil s state-run Petrobras oil company is seen at its headquarters in Rio de Janeiro, Brazil October 16, 2019. REUTERS/Sergio Moraes/File Photo The selloff, following a series of analyst downgrades, deepened after Bolsonaro said the company’s fuel policy was only pleasing to financial markets and select groups in Brazil and should be changed as part of an effort to lower gasoline and diesel prices.

Petrobras shares slump as Bolsonaro slams policies

RIO DE JANEIRO: Petrobras shares plunged 22% on Monday, wiping out 71 billion reais (US$13bil) in market value, as Brazilian President Jair Bolsonaro again slammed its pricing policies after he replaced the state-controlled oil company’s market-friendly chief executive officer with a retired army general. The selloff, following a series of analyst downgrades, deepened after Bolsonaro said the company’s fuel policy was only pleasing to financial markets and select groups in Brazil and should be changed as part of an effort to lower gasoline and diesel prices. Overall, the last few days have marked a dramatic about-face for Bolsonaro, a right-wing populist whose interventionist instincts until now had been largely contained by economically conservative allies.

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