Brazilian president wants to privatize oil and gas company Petrobras

Brazilian President Jair Bolsonaro announced his intention to privatize the country's largest oil and gas company, Petrobras. The controlling stake in the company (50.26%) belongs to the Brazilian government, the rest - to foreign investors, Angi reports.

Bolsonaro explained his initiative by the fact that he was tired of criticism due to the rise in prices for car fuel and gas. Since the beginning of the year, the cost of a cylinder of domestic gas in the country has grown by 30%, gasoline - by almost 20%. By law, the President of Brazil has no right to interfere with Petrobras' pricing policy.

In February, the President of Brazil appointed former Defense Minister General Joaquim Silva-e-Luna as head of Petrobras. Before him, the company was headed by Robert Castel Branca. For two years of work, he managed to reduce the company's debts and developed a long-term plan for its development, involving the sale of some unprofitable assets. At the same time, Petrobras raised fuel prices in the country to bring them to market levels and be competitive.

Tags: gas, oil, Oil refinery plant, petroleum products, oil deliveries, gasoline, diesel, crisis, oil and gas industry, автомобильный транспорт

Read also

Two incidents occurred at Burshtyn TPP in one night
New Omicron coronavirus сould сhange oil production plan
Zelenskyi's press conference: the main energy issues