Petrobras Analysts Say New CEO Will Curb Political Interference
- Shares are one of best performers on Brazil’s stock exchange
- Castello Branco has criticized Petrobras fuel price controls
Roberto Castello Branco
Photographer: Paulo Fridman/Bloomberg
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Political interference in Brazil’s state-controlled energy giant Petroleo Brasileiro SA is expected to decline under its next chief executive officer, Roberto Castello Branco, which analysts say will reduce downside risks to the stock.
Castello Branco is a very competent and “likely to continue with the previous management’s market-friendly efforts,” Pedro Galdi, an analyst at Mirae Asset, said by phone. Petrobras shares rose as much as 1.9 percent on Monday after the announcement of his appointment. Outgoing CEO Ivan Monteiro is scheduled to leave his post on Jan. 1.