Released January 30, 2023 | SUGAR LAND
en
Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--The board of Petrobras (NYSE:PBR) (Rio de Janeiro, Brazil) chose a new chief executive officer last week as the new government prepares to reshape Brazil's national oil company.
The board unanimously approved Senator Jean Paul Prates as chief executive, based on a statement by the energy company. Prates was hand-picked by Brazil's new president, Luiz Inacio Lula da Silva, to head the energy company.
Prates' appointment is pending the approval of shareholders, in a vote that will take place in the new few weeks.
Prates has 30 years of experience in the energy sector and worked at Petrobras' legal department during the 1980s. Throughout his terms in the Brazilian Senate, where he represented Lula's PT party, Prates helped to set policy on the renewable sector. He also was recognized as one of the top three most influential individuals in the Brazilian renewable industry and the top 50 most important people in the world of energy by Recharge and Windpower Monthly magazine.
Prates is likely to bring his views on renewable energy to the Brazilian energy company, especially given that Lula's new government is focusing on protecting the environment as part of its agenda.
Fuel prices will be among the first topics that Prates will face. Since 2016, Brazil has approved parity with international fuel prices, yet measures such as fuel tax exemptions have been used in order to lower prices and avoid public unrest that could result from higher fuel prices, especially diesel. So far, there is no indication that the new administration would scrap the fuel price parity.
Meanwhile, Lula has been critical of former President Jair Bolsonaro's efforts to privatize half of Petrobras' downstream capacity. Lula will likely set a U-turn on this policy and promote the company's downstream segment.
Also, Petrobras reported last week that it received US$1.63 billion for the sale of its Albacora Leste field, located in the Campos Basin. Petro Rio Jaguar Petroleo purchased all the stakes in the field. According to official information, the Albacora Leste oil field has produced between 25,000 barrels per day (BBL/d) and 40,000 BBL/d.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The board unanimously approved Senator Jean Paul Prates as chief executive, based on a statement by the energy company. Prates was hand-picked by Brazil's new president, Luiz Inacio Lula da Silva, to head the energy company.
Prates' appointment is pending the approval of shareholders, in a vote that will take place in the new few weeks.
Prates has 30 years of experience in the energy sector and worked at Petrobras' legal department during the 1980s. Throughout his terms in the Brazilian Senate, where he represented Lula's PT party, Prates helped to set policy on the renewable sector. He also was recognized as one of the top three most influential individuals in the Brazilian renewable industry and the top 50 most important people in the world of energy by Recharge and Windpower Monthly magazine.
Prates is likely to bring his views on renewable energy to the Brazilian energy company, especially given that Lula's new government is focusing on protecting the environment as part of its agenda.
Fuel prices will be among the first topics that Prates will face. Since 2016, Brazil has approved parity with international fuel prices, yet measures such as fuel tax exemptions have been used in order to lower prices and avoid public unrest that could result from higher fuel prices, especially diesel. So far, there is no indication that the new administration would scrap the fuel price parity.
Meanwhile, Lula has been critical of former President Jair Bolsonaro's efforts to privatize half of Petrobras' downstream capacity. Lula will likely set a U-turn on this policy and promote the company's downstream segment.
Also, Petrobras reported last week that it received US$1.63 billion for the sale of its Albacora Leste field, located in the Campos Basin. Petro Rio Jaguar Petroleo purchased all the stakes in the field. According to official information, the Albacora Leste oil field has produced between 25,000 barrels per day (BBL/d) and 40,000 BBL/d.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
