A spat over fuel prices last month saw Brazil’s President Jair Bolsonaro replace the CEO of national oil company Petrobras Roberto Castello Branco, who is popular among investors with former Defense Minister and army general Joaquim Silva e Luna. Brazil’s federal government was able to exercise such a monumental power because it is the majority owner of Petrobras.
The Brazilian state directly owns 28.67% of Petrobras with another 8.08% held by the Latin American country’s national development bank, giving a total controlling…Heavy-Handed Government Intervention To Hurt Brazil’s Oil Boom
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