Bolsonaro puts a retired general in charge of Petrobras

The president of Brazil, Jair
Bolsonaro, today appointed retired General Joaquim Silva e Luna as the new president of the state oil company Petrobras, replacing Roberto Castello Branco.

« The government decided to appoint Mr. Joaquim Silva e Luna to fulfill a new mission as director and president of Petrobras, after the end of the cycle, over two years, of the current president, Mr. Roberto Castello Branco, » said the government it’s a statement.

The change in the state-owned public company occurred after the president criticized the fuel price policy and promised « greater transparency » in the face of cost increases.

Thursday, Bolsonaro He indicated that he was thinking of a plan to reduce the level of fuel taxes and thus avoid an increase in the prices that the company applies in accordance with international prices.

This day, the Bovespa index of the Sao Paulo Stock Exchange fell 0.64 percent in a day marked by a debate about a greater state intervention of the Executive Power in the company.

Petrobras common shares fell 7.92 percent while preferred shares lost 6.63 percent on the São Paulo stock market.

The announcement of Bolsonaro It was carried out after the closing of the stock market operations in the largest Latin American stock exchange.

The state-owned public company Petrobras will now be led by Silva, a retired general who was Minister of Defense in Michel Temer’s government (2016-2018) and currently serves as general director of the bi-national Brazilian-Paraguayan hydroelectric plant Itaipú.

Xinhua Source