During Jair Bolsonaro’s presidency in Brazil, constant personnel changes and government uncertainties affected state-controlled oil and gas company Petrobras. With four different CEOs in four years, allegations of government interference became reality. Recently, under Luiz Inácio Lula da Silva’s administration, Petrobras witnessed a CEO change, signaling a potential shift towards state capitalism.
This episode of Explaining Brazil delves into the exit of Jean Paul Prates, exploring Lula’s Petrobras agenda and the implications of state capitalism strategy. The appointment of Magda Chambriard as CEO signifies the government’s intent to align Petrobras with its plans, focusing on oil exploration, refining, and energy transition projects.
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