Coelho is a technician linked during the current government to the Ministry of Mines and Energy (MME) and he will be the third president of the oil company in Bolsonaro’s term, in power since January 2019.
His predecessor at the head of Petrobras, Joaquim Silva e Luna, was dismissed at the end of March by Jair Bolsonaro, who was critical of the oil company’s price policy after the increases in fuels that directly impacted inflation..
The general meeting of shareholders of the oil giant in Brazil was held yesterday. There Coelho was elected as a member of the Administrative Council, a necessary step for his subsequent appointment as president. At that same meeting, the 11 members of the Petrobras Board of Directors were appointed.
A week ago the Brazilian Executive had lifted Coelho’s candidacy, after the first government candidate, the economist Adriano Pires, refused to take over the company due to the impossibility of quickly disassociating himself from his private activity, incompatible with the function.
Graduated in industrial chemistry and with more than 25 years of experience in the sector, Coelho served between April 2020 and October 2021 as Secretary of Petroleum, Natural Gas and Biofuels, in the orbit of the Ministry of Mines and Energy.
From 2020 until now he was president of the Board of Directors of Pré-Sal Petróleo (PPSA), a public firm linked to the portfolio, the AFP agency reviewed.
For his appointment, Coelho had the endorsement of the People’s Committee, an internal instance to verify compliance with requirements and absence of prohibitions, which evaluated his nomination as “suitable” to be considered by the Council, Petrobras said.
Bolsonaro thus arranged to remove Silva e Luna, in office since February 2021, after several increases in fuels applied by the oil company that dominates the Brazilian market, in accordance with its price policy that accompanies movements in the international price of the crude.
With the latest increases, fuels advanced 6.7% in March and accumulated 27.89% in 12 months in the neighboring country. Petrobras shares closed yesterday with a rise of 2.13% on the São Paulo Stock Exchange.
Source: Ambito
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