Brazil’s president Jair Bolsonaro announced last week Adriano Pires, founder of consulting firm Centro Brasileiro de Infraestrutura (CBIE), as the new candidate to replace Joaquim Silva e Luna as Petrobras’ chief executive officer. The announcement came after Bolsonaro criticized the company’s decision to raise fuel prices. Brazil’s prosecutor office requested an investigation into the president’s decision due to a possible conflict of interest. Pires is known for supporting local fuel prices to reflect international prices and privatizing the company. Deputy prosecutor Lucas Furtado at Brazil’s federal audit court (TCU) said, “Pires’s work as consultant for multinational oil companies. This strongly indicates the existence of a possible conflict of interest if he becomes Petrobras CEO”.

Petrobras’ USD 5.6% 2031s traded at 0.5 points lower at 100.87, yielding 5.47%

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