Lula Cabinet Rivalries Roil Petrobras and Brazilian Markets
- Brazil locked in battle over leadership of state oil giant
- Economic disputes spark investor uncertainty about economy
This article is for subscribers only.
A spiraling dispute over the leadership of Petroleo Brasileiro SA is exposing fault lines in President Luiz Inacio Lula da Silva’s administration, repeatedly roiling markets.
The battle over Petrobras’s top job erupted last week, when Mines and Energy Minister Alexandre Silveira lobbed his latest round of criticism at Chief Executive Officer Jean Paul Prates over his handling of the state-controlled oil company. Prates, in response, requested a meeting with Lula to seek a show of support as rumors that his firing was imminent swirled.