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The President of the Republic Jair Bolsonaro (without a party) confirmed today the rumors that he would change the command of Petrobras. In a post published on his social networks, Bolsonaro announced the appointment of General Joaquim Silva y Luna to replace the current president of the company, Roberto Castello Branco.
However, the government election must be approved by the Petrobras Board of Directors, and the company reported, after Bolsonaro’s announcement, that Castello Branco’s term ends on March 20.
Silva e Luna was CEO of Itaipu Binacional and was already Minister of Defense during the government of former President Michel Temer (MDB) in 2018.
“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.” Bolsonaro said on Facebook.
Petrobras’ executive board is considering a collective resignation after Bolsonaro’s announcement, they told the Reuters three sources close to the issue, who spoke on condition of anonymity.
Petrobras says mandate extends until March 20
Following the announcement made by Bolsonaro, Petrobras issued a press release, in which it clarifies that the president’s mandate Castello Branco and other CEOs of the company will close on March 20.
The company reports that “it has received a letter from the Ministry of Mines and Energy, requesting measures to convene an Extraordinary General Meeting, with the aim of promoting the replacement and election of a member of the Board of Directors, indicating Joaquim Silva y Luna, in substitution by Roberto da Cunha Castello Branco “.
In addition, the Union proposes, due to the fact that the last Ordinary General Meeting approved multiple votes, that all members of the Board of Directors be re-elected immediately at the Extraordinary General Meeting itself, to fulfill the rest of their respective mandates ”, it adds Note.
Bolsonaro Live Reviews
On Thursday (18), in his weekly broadcast, the President of the Republic had already indicated that he would like to change the command of Petrobras because, “obviously”, a recent speech by Castello Branco would have consequences. The president of the company said a few days ago that the threat of strike by the truckers was not a problem for the state company.
During Thursday (02/18), Petrobras announced a new increase in the prices of gasoline and diesel. A liter of gasoline in the refineries started to cost R $ 2.48 and that of diesel, R $ 2.58. The price at the service stations is higher and there is no charge.
Truckers pressure
Bolsonaro had frequently criticized Petrobras’ pricing policy, pressured by demand from truckers, dissatisfied with the recent increase in diesel and gasoline.
To manage the situation, the president announced Thursday that he will zero federal taxes on diesel for two months and on cooking gas indefinitely.
Company shares plummeted on Friday
The threat of Bolsonaro’s interference in the leadership of Petrobras has already caused the company’s shares to fall almost 8% this Friday and brought down the Ibovespa, the main indicator of the Brazilian Stock Exchange. The index fell 0.64% to 118,430.53 points. During the week it accumulated a fall of 0.84%.
State preferred shares, which are the most traded, fell 6.63% on the day, while Petrobras ordinary shares, with voting rights, lost 7.92%.
Interference causes a company to lose value in the stock market
Analysts heard by Twitter We see risk with the president’s speech and his attitude towards the company in recent weeks, as it shows an urgency to interfere.
The forecast is that there will be a lot of instability in the value of the shares in the coming days. Whoever invests in these stocks must be vigilant and not make any decisions hastily.
* With information from Reuters.
