(Bloomberg) -- Brazil’s President Luiz Inacio Lula da Silva has fired Jean Paul Prates, the chief executive of state-owned oil company Petroleo Brasileiro SA...
-- Brazil ’s President Luiz Inacio Lula da Silva has fired Jean Paul Prates , the chief executive of state-owned oil company Petroleo Brasileiro SA, following a dispute over dividend payments .How One of the World's Oldest Hedge Funds Went BankruptThe decision was confirmed by people familiar with the matter, who asked not to be identified discussing private matters.
The firing may add to concern that Rio de Janeiro-based Petrobras is coming under increasing pressure from the ruling Workers’ Party to help revive Brazilian industry and create jobs, at the expense of shareholders. The dividend drama shocked some investors who viewed it as a sign of growing political interference in Latin America’s top oil-producing nation.
Under his leadership, Petrobras changed direction, halting asset sales, shielding consumers from sharp fluctuations in global oil prices and earmarking billions of dollars for energy transition investments. The company recently boosted the budget for its five-year business plan to $102 billion, its biggest spending plan since 2015.
Like Prates, Chambriard was part of Lula’s transition team for energy in 2022. At that time, she had already been identified as a possible candidate for Petrobras’s top job. The former ANP head has defended the need for Brazil to explore for oil in new areas, including the Equatorial Margin and the Pelotas Basin.
The ousting of Prates marks a deterioration in Petrobras’s governance, and Chambriard’s mission won’t be easy, Citigroup Inc. said in a note. She “arrives with the pressure to fulfill the investment plan and accelerate Petrobras’s capex expansion” and this may result in lower dividend payments, it said.NYCB to Sell $5 Billion of Loans to JPMorgan to Free Up Cash
Jean Paul Prates Petroleo Brasileiro SA Bloomberg Magda Chambriard Brazil Energy Ministry Dividend Payments
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Brazil President Lula Fires Petrobras CEO After Dividend DisputeBrazil’s President Luiz Inacio Lula da Silva fired Jean Paul Prates, the chief executive of the country’s state-owned oil company, Petroleo Brasileiro SA, following a dispute over dividend payments.
Read more »
President Luiz Inacio Lula da Silva Pays the Price as Brazil Inflation Slowdown Comes Up ShortBrazil’s prolonged inflation slowdown is falling flat among disgruntled consumers who are increasingly blaming President Luiz Inacio Lula da Silva for a perceived decline in purchasing power.
Read more »
Brazil’s Fiscal Woes Ramp Up Pressure on Lula’s Finance ChiefFrom prison to the presidency, Brazil’s Luiz Inacio Lula da Silva has turned to one ally more than any other in moments of need: Fernando Haddad, the once and potentially future political heir he named his finance minister.
Read more »
Brazil's Lula recognizes two more Indigenous lands, but postpones four othersExplore stories from Atlantic Canada.
Read more »
Brazil's Lula recognizes two more Indigenous lands, but postpones four othersExplore stories from Atlantic Canada.
Read more »
Crisis in Brazil’s Congress Gives Lula $18.5 Billion in New Fiscal HeadachesTensions between President Luiz Inacio Lula da Silva’s administration and Brazil’s Congress are threatening to deal significant setbacks to the government’s efforts to shore up public accounts.
Read more »