LatinNews Daily - 19 April 2022

In brief: Green light for new Petrobras CEO in Brazil

* The shareholders of Brazil’s state-controlled oil company Petrobras have greenlighted the government’s new pick for CEO of the company, as well as chairman of the board. José Maura Ferreira Coelho, a technocrat, was approved as CEO after being elected board member, while existing board member Marcio Andrade Weber was re-elected to the board and appointed chairman. This puts an end to the latest saga in the company, during which the government led by President Jair Bolsonaro unexpectedly announced a change in CEO amid dissatisfaction with fuel price adjustments, but then had to revise its choice after its first appointee backed out. Coelho has indicated that he will stick with Petrobras’s current policy of aligning its prices with international levels, saying as he was sworn in as CEO: “The practice of market prices is a necessary condition for the creation of a competitive business environment to attract investments, to attract new economic actors to the sector, for the expansion of the country’s infrastructure and to guarantee supply.”

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