Petrobras ( NYSE: PBR ) CEO said late Tuesday that Caio Mário Paes de Andrade will leave the company in the coming weeks to join the incoming administration of the newly elected governor of Brazil's São Paulo state.
The move comes ahead of a possible shift in corporate strategy under Brazil's president-elect Luiz Inácio Lula da Silva, Financial Times reports.
Lula's transition team reportedly has told Petrobras ( PBR ) it sees no need for any emergency moves , following a meeting with the company's top management.
Lula has stated his desire for Petrobras ( PBR ) to expand its refining capacity and invest more in areas such as renewable power and biofuels.
Separately, Petrobras' ( PBR ) share in Brazil's oil and gas production was 65% in October, the lowest in at least a year , largely from the divestment of several mature onshore and offshore fields in recent years, according to an analysis by BNamericas.
The company produced 2.73M boe/day in the month, while Brazil's total output was 4.18M boe/day.
Petrobras ( PBR ) recently disclosed a 15% increase in its five-year investment plan to $78B .
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Petrobras CEO set to depart as new president prepares to take office in Brazil