LatinNews Daily - 24 May 2022

In brief: Leadership of Brazil’s Petrobras changes again

* Brazil’s mining and energy ministry has announced another change to the leadership of state-controlled oil company Petrobras, replacing José Mauro Ferreira Coelho as the company’s president. Mauro’s replacement is Caio Mário Paes de Andrade, who since August 2021 has served as special secretary for de-bureaucratisation, spending, and digital governance at the economy and finance ministry. A statement from Brazil’s mining and energy ministry explained that the replacement of Mauro – who only assumed his post seven weeks ago – was due to the need to rein in surging oil prices. Bolsonaro has repeatedly clashed with Petrobras in recent weeks, accusing it of making “criminal” profits while ordinary Brazilians are struggling. The statement did not specify when Paes de Andrade will formally take over. According to insider sources cited by Reuters, the decision to replace Mauro stems from his reluctance to sell fuel at discount prices, which he reportedly feared would cause a diesel shortage during the upcoming soybean harvest season.

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