Petrobras shares fall after election of Jean Paul Prates as president of the state-owned company

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Petrobras shares fell this Thursday afternoon (26), after the confirmation of Jean Paul Prates as president of the company. The Board of Directors of the state-owned company unanimously approved the former senator as a counselor and for the Presidency. At 12:30 pm, Petrobras shares fell 2.63%, at R$ 29.62.

Prates was the strongest name to take over the oil company since the election of Luiz Inácio Lula da Silva (PT). At the end of 2022, as soon as his name became publicized in the market, Petrobras shares began to fall with fears of political interference in the company.

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The official name of Prates comes exactly two weeks after his formal appointment to the Ministry of Mines and Energy. To occupy the role, he resigned as senator for Rio Grande do Norte a week before the end of his term.

The presidency of Petrobras was temporarily occupied by executive director João Rittershaussen, since the departure of Caio Mário Paes de Andrade to take over the Digital Management and Government secretariat in the administration of the new governor of São Paulo, Tarcísio de Freitas (Republicans).

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The decline of Petrobras in the stock exchange pulled the Ibovespa down at the same time. The index was down 0.21%, at 114,025 points.

Source: CNN Brasil

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