Market concerned as Petrobras’ new chief takes office amidst fears of increased government intervention in Brazil.

Summary

RIO DE JANEIRO (AP) — Brazil’s state-run oil giant Petrobras witnessed a change in leadership with Magda Chambriard taking over the helm amid concerns of government intervention. President Luiz Inacio Lula da Silva attended the ceremony endorsing Chambriard, following the resignation of Jean Paul Prates. The market remains cautious about Chambriard’s approach given her history with the oil and gas regulator ANP.