Bolsonaro Hints at Change in Petrobras' Profit Distribution

May 16, 2022

© Luan / Adobe Stock
© Luan / Adobe Stock

Brazilian President Jair Bolsonaro suggested on Monday he may tinker with state-run company Petrobras' profit policy, cutting the percentage distributed to shareholders, as he looks to curb fuel price hikes ahead of the country's October elections.

In a speech during an event in Sao Paulo, Bolsonaro said that all the oil companies in the world have reduced their profit margins during this economic crisis, except for Petrobras.

Earlier, the President said "there is more to come on the oil issue" and the government is "looking for alternatives."


(Reuters - Reporting by Lisandra ParaguassuEditing by Chris Reese)



Current News

China: Shanghai Electric's New Offshore Wind Turbine Rolls Off Production Line

China: Shanghai Electric's New Offshore Wind Turbine Rolls Off Production Line

European Gas Prices Dip as Correct Previous Gains, Norwegian Flows Rise

European Gas Prices Dip as Correct Previous Gains, Norwegian Flows Rise

ION Geophysical Wraps 3D Seismic Project in Mauritania

ION Geophysical Wraps 3D Seismic Project in Mauritania

Corio, FECON Plan to Build 500MW Offshore Wind Farm in Vietnam

Corio, FECON Plan to Build 500MW Offshore Wind Farm in Vietnam

Subscribe for OE Digital E‑News

Offshore Engineer Magazine