New Petrobras CEO Rejects Subsidies and Government Intervention
- Castello Branco says was ‘revolted’ by past crises at company
- Executive says midstream assets are among divestment targets
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The new head of Brazil’s state-controlled oil company criticized its history of government interference and vowed to pursue policies that will boost profit, echoing a wider pledge by President Jair Bolsonaro to reduce the state’s role in Latin America’s largest economy.
Roberto Castello Branco, who was sworn in as chief executive officer of Petrobras on Thursday, said he was “revolted” by the moral and financial crises the company has been through in recent years, and vowed to increase oil production and reduce the largest debt load of any publicly traded oil company. The deep-water oil producer will also continue a divestment program that has helped raise cash and streamline its operations, he said.