Petrobras new chief sworn in as market worries Brazil's government will have heavier hand

Magda Chambriard, the new president of the state-run oil company Petrobras, waves during her inauguration ceremony, in Rio de Janeiro, Brazil, Wednesday, June 19, 2024. Magda Chambriard, the new president of the state-run oil company Petrobras, attends her inauguration ceremony in Rio de Janeiro, Brazil, Wednesday, June 19, 2024.

Such developments have contributed to worry that the scope or tolerance for graft may return. But Rafael Schiozer, a finance professor at the Getulio Vargas Foundation, a university and think tank, said such concern about Petrobras is unwarranted. At the event on Wednesday, Lula said he wants the company to be profitable — and that profits are a boon for investments and public spending across Brazil.

“Prates clearly had a philosophy of creating value for shareholders as the company’s primary objective,” said Schiozer, adding that Chambriard appears to give greater weight to the company’s political role.

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Petrobras new chief sworn in as market worries Brazil's government will have heavier handThe head of Brazil’s state-run oil giant Petrobras, Magda Chambriard, has been sworn in as market concerns of increased government intervention in the company mount.
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Petrobras new chief sworn in as market worries Brazil's government will have heavier handThe head of Brazil’s state-run oil giant Petrobras, Magda Chambriard, has been sworn in as market concerns of increased government intervention in the company mount.
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