Saturday, April 1, 2023

Petrobras’ Chief E&P Director takes up CEO role

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With no Chief Executive Officer (CEO) in place, the Brazil state-owned Petrobras (Petróleo Brasileiro SA) has asked its Chief Exploration and Production Director to fill the slot.

In a release, Petrobras said Fernando Borges was appointed on June 20, after last Petrobras boss – Jose Mauro Coelho officially resigned.

Borges has now become the company’s fourth chief executive since Brazilian President Jair Bolsonaro came to power in 2019.

The constant power changes are linked to Brazil’s ongoing fuel hike crisis.

Just days ago, Petrobras announced that it will raise wholesale diesel and gasoline prices again, even in the face of soaring inflation.

Diesel prices will increase 14.3% to $1.098/liter, Petrobras said. That was the first diesel increase in 39 days, when prices were lifted 8.9%.

Gasoline prices will rise 5.2% to $0.795/l in the first adjustment in 99 days. Gasoline prices were boosted 18.8% March 11.

And the move comes after intense criticism of Petrobras’ import-parity pricing policy by President Bolsonaro as the Brazilian government works to alleviate inflationary pressures in Latin America’s largest economy.

Headquartered in Rio de Janeiro, Petrobras is the largest integrated energy firm in Brazil and one of the largest in Latin America.

Petrobras’ activities include the exploration and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trading and transportation.

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