Petrobras ( NYSE: PBR ) will continue selling fuel in line with international prices , incoming CEO Jean Paul Prates said Wednesday in comments that may help ease investor concerns that the state-controlled company will take on expensive fuel subsidies under Brazil's new president.
Prates said Petrobras ( PBR ) will revise the way it calculates the need for price adjustments while remaining in line with global prices, and said the government would not directly intervene in setting them.
The government has officially appointed Prates to Petrobras ( PBR ) board, a necessary step to taking over as CEO, and previous CEO Caio Mario Paes de Andrade has formally resigned from the post; Chief Production Development Officer Joao Henrique Rittershaussen will serve as interim CEO, according to securities filings.
Under new Brazil President Luiz Inacio Lula da Silva, Petrobras ( PBR ) is expected to reverse years of investor-friendly cost cuts and high dividends while boosting spending on refining and renewable energy.
Petrobras ( PBR ) shares trade ~2% higher after plunging more than 10% Tuesday as the new president removed the company from a list of state-controlled businesses that had been scheduled for privatization .
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Petrobras to continue selling fuel in line with global prices, incoming CEO says