Petrobras has what politicians really appreciate: a board that drills wells.
It messes with contracts, with oil wealth.
It was what a folkloric figure in Brazilian politics, the late congressman Severino Cavalcanti, who came to preside over the Chamber, wanted most: a board that drills a well.
Severino is no longer with us. But the spirit of what he represents remains stronger than ever. Politics, as it always was, won.
And it ended the short period in which Petrobras, emerging from the Lava Jato scandals, was relatively protected from politics as it always was. Pressure from this policy led to the removal of yet another Petrobras president.
What’s more, the president of the Chamber has just announced that he intends to change the law on state-owned companies, which was created precisely to prevent political influence on state-owned boards.
It’s a huge step backwards, and a return to patronage.
Severino would congratulate his worthy successor, Arthur Lira (PP-AL).
Source: CNN Brasil
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
