The chief executive of Brazilian state-run oil company Petrobras offered to step down on Tuesday, the company said, sending shares sliding as investors...
FILE PHOTO: Brazil’s state-run oil company Petrobras Chief Executive Jean-Paul Prates attends a ministerial meeting at the Planalto Palace in BrasiliaRIO DE JANEIRO - The chief executive of Brazilian state-run oil company Petrobras offered to step down on Tuesday, the company said, sending shares sliding as investors braced for the possibility of more political interference at the firm.
Since Prates took over as CEO in January 2023, he has tangled repeatedly with Energy Minister Alexandre Silveira, who openly criticized the company for not doing enough to lower fuel prices or boost Brazil's economy with investment projects. The dispute between Silveira and Prates hit a fever pitch in March, when the company's board - largely appointed by Silveira - defied Prates and withheld extraordinary dividends that investors expected, weighing heavily on Petrobras shares.
The stock market is about to see a 10% correction, with further disinflation a 'pipe dream' and Fed rate cuts coming much later, Stifel says
Petrobras Luiz Inacio Lula Da Silva Alexandre Silveira
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