Incoming Petrobras CEO tells committee he has no government guidance on pricing policy

Gasoline costs are displayed at a Petrobras gasoline station in Rio de Janeiro, Brazil April 8, 2022. REUTERS/Ricardo Moraes/File Photograph

SAO PAULO, June 25 (Reuters) – The incoming chief govt of Brazil’s state-run oil firm Petrobras (PETR4.SA) instructed a company committee he has not obtained any steering from the federal government on altering the agency’s gasoline pricing coverage, a doc confirmed on Saturday.

Caio Mario Paes de Andrade, a former financial system ministry official appointed by President Jair Bolsonaro to run Petrobras, was authorized by the eligibility committee on Friday, a key step for him to take the reins of the corporate. learn extra

The minutes of the assembly, revealed by Petrobras on Saturday, confirmed the committee had requested Andrade in regards to the firm’s pricing coverage, a subject that helped carry down three CEOs throughout Bolsonaro’s tenure as worth hikes created tensions with the far-right chief.

“I’ve no particular or normal steering from the controlling shareholder or another shareholder within the sense of fixing the corporate’s pricing coverage,” Andrade mentioned.

He’s on the verge of taking up as CEO a month after he was named by Bolsonaro, awaiting a board vote on June 27.

The committee minutes additionally confirmed Andrade’s approval was not unanimous as the top of the four-person committee, Francisco Petros, voted towards his nomination.

“A fast evaluation of the issues through which the corporate is immersed reveals {that a} candidate with expertise in managing massive corporations and/or public our bodies was very mandatory,” Petros mentioned, including that Andrade doesn’t have the mandatory abilities.

Andrade, who holds a grasp’s diploma in administration from Duke College, beforehand suggested Economic system Minister Paulo Guedes on digital governance.

Reporting by Gabriel Araujo; Modifying by Daniel Wallis

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