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Petrobras can act independent of the state: CEO
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Brazil s EB Capital plans five new acquisitions by June
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Brazil s Bolsonaro to oust Petrobras CEO after fuel pricing spat
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“There has been no increase in the salaried remuneration of the (president of Petrobras) or the executive directors since 2016, and none is foreseen this year. The president and the executive board members have no power to increase their own salaries,” Petrobras stated, listing the procedures for corporate governance that must be followed for any such measures.
As the debate about Petrobras fuel prices raged, Bolsonaro criticised the man he appointed in 2019 to lead the oil giant for working from home during the Covid-19 pandemic.
Petrobras is due to announce quarterly results later on Wednesday and Castello Branco is expected to comment on his treatment and the wider question of government interference when he responds to analysts in a conference call scheduled for Thursday.
Provided by Dow Jones By Jeffrey T. Lewis SÃO PAULO Shares of Brazil s state-controlled Petróleo Brasileiro SA plummeted Monday at the start of trading after Brazilian President Jair Bolsonaro on Friday sparked concerns about government interference in the oil company when he named an army general to take over as chief executive officer amid a dispute over fuel price increases. Shares of Petrobras, as the company is known, dropped more than 16% shortly after the start of trading Monday, after a more than 6% decline on Friday. Brazil s benchmark Bovespa stocks index fell more than 4% Monday. Mr. Bolsonaro s nominee for the CEO position is Joaquim Silva e Luna, who holds the rank of general in Brazil s army and is a former defense minister. Mr. Silva e Luna is currently the Brazilian Director General of Itaipu Binacional, the Brazilian-Paraguayan agency that operates the Itaipu hydroelectric facility straddling the border between the two countries.