In the statement, there are no specific reasons for the removal from office. Anyway, The Brazilian government thanked Coelho for his management but indicated that “Brazil is currently experiencing a challenging moment, due to the effects of the extreme volatility of hydrocarbons in international markets”indicates the statement.
As of the vacancy, Jair Bolsonaro proposed as president of the oil giant Caio Mário Paes de Andrade, current Secretary of De-bureaucratization of the Ministry of Economy, who still has to be approved by the company’s board of directors.
The two previous leaders of Petrobras, Silva e Luna and Roberto Castello Branco, were also removed after Bolsonaro’s criticism of fuel price hikes.by the company that controls the local market.
The constant increases in fuels, which fuel the escalation of inflationworry to Bolsonaro, who will seek re-election in the October elections. Coelho had assumed the leadership of Petrobras on April 14 and assured that there would be no changes in its price policy, which follows the international price of crude oil, triggered in recent months by the war between Russia and Ukraine.
On the 11th of this month, Bolsonaro changed the Minister of Mines and Energy Bento Albuquerque after Petrobras implemented a new increase in diesel (8.8%). However, this portfolio does not have a direct impact on the decisions of the autonomous company.
Who is Caio Mário Paes de Andrade, Bolsonaro’s new man at Petrobras
Andrade holds a bachelor’s degree in social communication from Paulista University, a postgraduate degree in administration and management from Harvard University, and an MBA from Duke University, the ministry said.
“The nominee has all the qualifications to lead the Company to overcome the challenges imposed by the current situation (…) without neglecting Petrobras’ government, environmental and, especially, social responsibilities,” says the text.
Petrobras reported a net profit of 44,561 million reais (8,605 million dollars) between January and March of this year, which is about 38 times what was obtained in the first quarter of 2021.
Source: Ambito
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