Bolsonaro Replaces Petrobras President; Meet The New CEO Of The Brazilian State Oil Company

The Newest President of Petrobras Indicated by President Bolsonaro Has Been in Charge of the Itaipu Hydroelectric Plant Since January 2019

President Jair Bolsonaro announced last night (02/19) that he will replace the current president of Petrobras, Roberto Castello Branco, with General Joaquim Silva e Luna. “The government has decided to appoint Mr. Joaquim Silva e Luna to fulfill a new mission, as a board member and president of Petrobras, following the end of the over two-year term of the current president, Mr. Roberto Castello Branco,” says the official statement attributed to the Ministry of Mines and Energy, published on Bolsonaro’s Twitter.

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The new president of Petrobras, reserve General Joaquim Silva e Luna, is 71 years old, married, a father of three, and was born in the city of Barreiros, Zona da Mata of Pernambuco.

Silva e Luna holds a postgraduate degree in Politics, Strategy, and High Administration from the Army Command and General Staff School. He also has a postgraduate degree from the University of Brasília (UnB) in Projects and Systems Analysis.

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Currently, Silva e Luna serves as the Brazilian director-general of Itaipu Binational since February 26, 2019, and will leave the position once he is officially appointed. Prior to this, he was the first military officer to serve as Minister of Defense in the government of former President Michel Temer, and had a long military career that started at age 19 and culminated in the position of Chief of the Army General Staff.

Petrobras Informs About the Ministry of Mines and Energy’s Official Letter

Petrobras informs that it received an official letter from the Ministry of Mines and Energy requesting measures to convene an Extraordinary General Assembly, aimed at promoting the replacement and election of a member of the Board of Directors, indicating Joaquim Silva e Luna in place of Roberto da Cunha Castello Branco. Furthermore, the Union proposes that, due to the last Ordinary General Assembly adopting multiple voting, all members of the Board of Directors be immediately reappointed in the Extraordinary General Assembly to complete the remainder of their respective terms.

The letter also requests that Joaquim Silva e Luna be subsequently evaluated by the Board of Directors of Petrobras for the position of President.

Petrobras clarifies that President Roberto Castello Branco and other Executive Directors of the company have a mandate in effect until March 20, 2021.

Petrobras informs that new relevant facts will be disclosed to the market in due course.

A Change Announced by Bolsonaro

In recent days, President Jair Bolsonaro expressed dissatisfaction with the direction of Castello Branco’s management. The main criticism was regarding the successive price increases of fuels at the refinery, where prices rose for the fourth time in 2020.

With the continuous rise in fuel prices, Bolsonaro indicated that changes would occur in the company. The president also promised to eliminate the tax on diesel and cooking gas.

This statement raised concerns among investors, and the company’s stocks plummeted sharply yesterday (02/19). In market value, the company lost nearly R$ 29 billion.

Petrobras has reaffirmed that its pricing policy follows international market practices and varies according to the quotations of oil and the dollar.

Castello Branco took command of Petrobras in January 2019, shortly after Bolsonaro assumed office. His management has been marked by a divestment policy, selling refineries and the state-owned company exiting several businesses.

Upon taking office, Castello Branco criticized the existence of monopolies and advocated for less state interference in the economy.

In 2019, Petrobras even abandoned a planned increase in diesel prices at the refineries following an order from President Jair Bolsonaro.