Petrobras’s New CEO Pledges Debt Cutting, Independent Management
- The government will no longer determine fuel price levels: CEO
- Petrobras can’t explore pre-salt alone, says new CEO
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Pedro Parente is on a mission to restore financial health and public trust to Petrobras. To do that, the new chief executive officer of Brazil’s beleaguered state-run oil giant wants independence from the government to set fuel prices and more leeway for international partners to come in.
A veteran business leader, Parente said his immediate task as the new chief executive officer of the world’s most indebted crude producer is slashing leverage without turning to the government for a bailout. Then the company will be able to focus on accelerating deep-water projects through greater cooperation with its partners, he said.