Petrobras’ board chief says he will step down

Petrobras’ chairman of the board, Admiral Eduardo Bacellar Leal Ferreira, told Reuters on Saturday (5) that he plans to step down, with oil executive and Flamengo president Rodolfo Landim seen as his possible successor, according to two familiar sources. with the subject.

“Presidency of Petrobras’ board of directors is a 24-hour job and I want to spend more time with my family,” Ferreira said, adding that he has two adult children living outside Brazil.

Ferreira declined to comment further.

The decision comes as Petrobras faces pressure from investors to raise fuel prices, as oil neared $120 a barrel. The company controls gasoline and diesel prices in Brazil with over 80% of the country’s refining capacity.

Rodolfo Landim, who made a career at Petrobras before creating his own oil company and selling it, is among the candidates for the replacement, according to two people familiar with the matter. Landim currently manages Flamengo.

A formal announcement from Petrobras is expected next week. The company did not immediately respond to a request for comment.

On Thursday, President Jair Bolsonaro said Petrobras could reduce its profit to prevent fuel prices from exploding.

In a weekly speech on social media, Bolsonaro said he was sure Petrobras would do whatever was necessary to protect Brazilian consumers from suffering sharp price increases.

Bolsonaro’s comments came after Petrobras last month broke its all-time record for annual profit and dividend payments in 2021, thanks to soaring oil.

Petrobras’ policy of seeking parity between domestic fuel prices and international markets has come under fire with the rising cost of Brent oil. A growing chorus of politicians says that Petrobras should help bear these costs.

On Wednesday, Chief Executive Joaquim Silva e Luna told Reuters that Petrobras had not yet made a decision on fuel price adjustments.