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HomeWorldBrazilian President Bolsonaro considers privatization of Petrobras

Brazilian President Bolsonaro considers privatization of Petrobras

“I want to privatize Petrobras, yes, I do. I shall see together with the economic team what we can do,” Bolsonaro instructed Novas de Paz radio.

The most important state-owned Brazilian oil firm, Petroleo Brasileiro S.A. (Petrobras), could also be privatized, Brazilian President Jair Bolsonaro mentioned on Thursday.

“I want to privatize Petrobras, yes, I do. I shall see together with the economic team what we can do,” Bolsonaro instructed Novas de Paz radio.

The president’s feedback have already led to a greater than 1% improve within the state-owned firm’s share value, in keeping with Brazilian information portal Suno.

Brazil’s largest power firm has been the topic of quite a few corruption scandals. On October 4, Petrobras paid the Brazilian authorities, in addition to the USA, a positive of $853 million as a part of a 2018 settlement following an investigation into the Lava Jato corruption case.

The anti-corruption investigation into Petrobras money-laundering started in 2014. The corporate’s senior administration was accused of receiving a 3% fee from quite a few contracts. These funds had been allegedly later used to bribe politicians and officers. Based on the Brazilian authorities, by way of overpricing and bribes, the members within the money-laundering scheme gained as much as $3.8 billion. 

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