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Petrobras (NYSE:PBR) +1.1% Brazilian President Luiz Inacio Lula da Silva in front of a market on Thursday tried to ease investor concerns Regarding the company’s direction, he said: “No one wants shareholders to lose a cent… No one wants Petrobras to be a loss-making company.”
Comments are Petrobras in Madagascar on Wednesday (Price Earnings RatioThe new CEO promised to deliver strong performance and good governance and said his operations were in line with the government’s mission of economic growth.
Chambriard also said Petrobras (PBR) will develop new offshore fields to pay for the energy transition — an apparent reference to the equatorial region, which the company sees as important for replacing dwindling oil reserves elsewhere — and will also focus on refining, petrochemicals and fertilizer production.
Petrobras (PBR) shares have fallen nearly 20% since President Lula fired former CEO Jean-Paul Prates last month following a dispute over how much the company should pay in dividends to investors.
In an interview this week, President Lula sought to position himself as a leader on climate change while supporting expanding domestic oil production.
“A contradiction? Yes, it is,” Lula said. “We are betting big on the energy transition. Until the energy transition solves our problems, Brazil needs to keep making money from oil.”
Chambriard announced a new management team last week, appointing three directors with long experience at Brazil’s state-owned companies.
