The company lost R$34 billion in market value one day after firing Jean Paul Prates; The new president, Magda Chambriard, will be asked to accomplish what her predecessor failed to accomplish
The change in command of Petrobras by the president Luiz Inácio Lula da Silva it raised fears of government political interference in the state-owned company and caused the company’s shares to plummet. One day after the dismissal of Jean Paul Pratesthe company’s shares fell by 6.78% (ON) and 6.04% (PN), subtracting 0.82 percentage points from the change in the Ibovespa. The company lost R$34 billion in market value, making it worth R$513.8 billion.
The state company will be under the command of Magda Chambriardformer director general of the National Agency for Petroleum, Natural Gas and Biofuels (ANP) in government Dilma Rousseff. Picking him will give Lula what he asked for: “command and control” over the direction of the country’s largest company, according to aides. The expectation is that Magda will establish a direct line with the president, parallel to the relationship of trust that Dilma maintained with the then president of Petrobras, Grace Foster.
Below, read news, behind the scenes and analysis on the company’s change:
Who is Magda Chambriard, appointed by Lula to take over Petrobras
Formerly Magda Chambriard played a leading role in the oil sector in previous PT governments. In 2012 you were appointed by Dilma as director general of the ANP. In 2022, during the government Jair BolsonaroMagda criticized the constant changes of president of the state company.
Prates’ management was marked by demands and conflicts with Silveira
The clashes began at the beginning of the Prates government, in January, for vacant positions on the company’s Board of Directors. Silveira even asked Lula to intervene to obtain names she trusted.
The change at Petrobras is a “political risk” and will increase uncertainty about exchange rates and interest rates
Economists see the change as negativewith a decline in Ibovespa and shivers among investors following the appointment of Magda Chambriard as president of the company.
Roseann Kennedy: Prates says he was fired from Petrobras ‘in the joyful presence’ of Rui Costa and Alexandre Silveira
Shortly after leaving Lula’s office, Prates sent a WhatsApp message to managers to inform them of his dismissal. According to the opinion of the allies of the now former president of Petrobras, It was above all Costa and Silveira who convinced Lula to change the command of the company.
Alvaro Gribel: Prates’ departure from Petrobras confirms Costa and Silveira as bad advisors to Lula
There is no technical explanation for Prates’ departure from Petrobras, only the desire for greater political control of the company, led by Costa and Silveira. The objective is for the oil company to intensify the works considered strategic by the government and which could then serve as a political flag in view of the next elections.
Government leader says changing president of Petrobras is “routine” and recalls changes under Bolsonaro
The head of government in the Chamber, José Guimarães (PT-CE), said that changing Petrobras president “is part of the routine” and cited exchanges that took place during the administration of Jair Bolsonaro (PL), defending Lula’s decision to remove Prates from command of the state company.
Raquel Landim: The dividend distribution was a smokescreen in the Prates fry
A Prates’ dismissal has nothing to do with the distribution of extraordinary dividends by the state company, which was finally completed after some back and forth. From the beginning the issue was nothing more than a smokescreen to weaken Prates.
Petrobras reaches eight presidents in eight years with the departure of Prates
There were two names during the Michel Temer (PMDB) administration; four in the Jair Bolsonaro (PL) government; and now two under Lula (PT). You The numbers highlight the often conflicting interests of the Union, the oil company controller and private shareholders.
Adriano Pires: Petrobras’ electric chair claims another victim; It’s time for a serious debate on privatization
What we have come to discuss in Congress and in society is this the mixed economy model does not work and its expiry date has expired. If we do not do so, we will continue to see continuous changes in the president of Petrobras without technical and only political criteria.
Lula’s obsession with shipyards, an idea that has already gone awry, is one of the reasons for Prates’ downfall
This topic is almost an obsession for the president, who talks about the resumption of shipbuilding in Brazil practically since its inauguration. Lula already attempted to establish a naval hub in Brazil in his previous term, with disastrous results.
Roseann Kennedy: Magda tells Silveira that she will take gas and fertilizer investments off the map
Less than 24 hours after dismissal Jean Paul PratesMagda met the Minister of Mines and Energy, Alessandro Silveiraand promised assistant to President Lula What it will take investments in the gas and fertilizer market off the map.
“I’m sad, but I’m calm about the work I’ve done”
Questioned by journalists, Prates targeted the president when he said he would leave.”Petrobras forwarded, with Brazilian price, as Lula wanted“. He also asked if he could leave the PTPrates only said he would “evaluate” anyway.
Petrobras: what Magda Chambriard, appointed CEO, thinks about refineries, pre-salt and other topics
Many of yours opinions on sector issues are expressed in the articles it publishes quarterly in the digital magazine Brazil Energy since February 2020.
Lula wants Magda to be “his Grace Foster” to have “command and control” of Petrobras
Although he received the support of ministers and the PTTHE The expectation is that Magda will establish a direct line with Lulaparallel to the relationship of trust that Dilma maintained with the then president of Petrobras Maria das Graças Foster.
Roseann Kennedy: Why Lula 3 is increasingly Dilma and the consequences of reputational risk
The current administration has adopted the Dilma Rousseff model, with the interventionist bias of the PT and the Communist Party vision of development with greater participation of the State as a pillar of the economywhich have already gone badly in the past.
The change in Petrobras shows the deterioration of the state company’s governance
The oil company’s minority investors say so The government did not respect the formalities required of companies listed on the stock exchange in changes of command.
“Without privatization, Petrobras will be a ship without direction,” says Castello Branco
According to Castello Branco, former president of the company, as long as Petrobras continues to be a mixed economy company, which has shares listed on the market, but is controlled by the government, it will be subject to turbulence.
JR Guzzo: Under Lula, Petrobras has become a battleground between factions with special interests
The dismissal of President Jean Paul Prates, in fact, is the continuation of what Lula began 20 years ago: yet another blatant maneuver in favor of interests that have nothing to do with the good of Petrobras.
The moment of the change in command and Magda’s appointment surprise and resonate in New York
Receipts of Petrobras shares (ADR) traded on the New York Stock Exchange (NYSE) it reached a decline of more than 7% on the afternoon of Wednesday the 15th.
Magda will have the task of accelerating the work and relaunching the maritime sector; look at your challenges in command of Petrobras
Magda will not need to end the import pricing policy or reduce the level of dividends, but it will have to provide what Prates did not provide: accelerate investments in major works, relaunch the Brazilian naval industry and return to the petrochemical and fertilizer sectors.
Source: Terra
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