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José Mauro Coelho has taken the management as president of Brazil’s oil big Petrobras
RIO DE JANEIRO — The board of administrators of Brazil’s oil big Petrobras elected on Thursday José Mauro Coelho as its new president – the third to take the lead of the state-run firm in slightly greater than three years.
His appointment by Brazilian President Jair Bolsonaro final week adopted the dismissal of his predecessor, Gen. Joaquim Silva e Luna, a former protection minister. The overall misplaced the federal government’s help after the corporate boosted gasoline costs to go among the international oil will increase to shoppers.
Brazil’s authorities owns 50.26% of Petrobras, however Bolsonaro’s picks for presidents have to be authorised by the corporate’s board.
Coelho labored for 12 years on the state vitality analysis company, and later was chairman of the board on the state firm that manages contracts for offshore pre-salt oil exploration and manufacturing. From 2020 till final October, he was secretary for petroleum, pure gasoline and biofuels on the mining and vitality ministry.
Market observers and analysts see Coelho’s appointment for a one-year time period as an indication that Petrobras will keep the identical worldwide gasoline value coverage, resisting political strain to decrease gasoline and diesel costs in an election yr.
“It’s a appropriate profile for the place,” mentioned Gesner de Oliveira, an economist and professor on the Fundação Getulio Vargas college in Sao Paulo. “However these modifications generate concern as a result of they’re the results of authorities interference within the firm.”
That is the second time since he assumed workplace in 2019 that Bolsonaro, who’s working for reelection in October, has made modifications on the prime of Petrobras due to rising gasoline costs.
Earlier than Silva e Luna, Roberto Castello Branco had additionally been inspired to make changes to the agency’s coverage, however since 2016, Petrobras’ gasoline and diesel costs have been pegged to worldwide oil costs.
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