Brazilian oil giant CEO says president demands profitability while fostering national growth


Recently, the CEO of the Brazilian oil giant Petrobras publicly stated that the President had asked him to keep the company profitable while also helping to develop the national economy.

Magda Chambriard, CEO of Brazilian oil giant Petrobras, stated that the President has asked her to promote the country's economic development while maintaining the company's profitability.

Chambriard assumed the role on Wednesday after officially taking over in May from her predecessor, who was dismissed by President Luiz Inácio Lula da Silva. During her inauguration, she noted that Petrobras' vision for Brazil aligns with the President's priorities.

Lula echoed this sentiment at an event held at Petrobras' CENPES research center in Rio de Janeiro.

"No one wants shareholders to lose a penny," Lula said, "nor does anyone want Petrobras to become a loss-making company."

Last month, fears that Lula might appoint a new CEO who would prioritize Brazil's economic growth at the expense of shareholders led to a sharp decline in Petrobras' stock, resulting in the dismissal of former CEO Jean Paul Prates.

In response to Lula's request, one of Chambriard's main tasks is to accelerate the implementation of the company's $102 billion investment plan for 2024-2028, which she said has the potential to create "hundreds of thousands of jobs."

Last week, Chambriard announced her new management team, appointing three directors with technical expertise and extensive experience in the state-owned company.

After Wednesday's event, Chambriard told reporters that she does not foresee any further changes within the company's senior management.



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