Brazil’s state-owned oil company Petrobras announced that the government has nominated six candidates as potential new members to the board of directors, which will go on vote at the next general meeting. The Ministry of Mines and Energy has nominated five of the candidates and the Economy Ministry has nominated one. Two more names could still be put forward. This comes after President Jair Bolsonaro replaced CEO Roberto Castello Branco with Joaquim Silva e Luna, a retired military general, last month. Four directors of Petrobras announced their resignation after Bolsanaro`s decision.

Amongst the potential candidates are two former members of the military; current board chairman Eduardo Bacellar Leal Ferreira and industrial engineer Ruz Flaks Schneider, both nominated by President Bolsanaro. The remaining three nominated candidates are Márcio Andrade Weber, Murilo Marroquim de Souzam and Sonia Julia Sulzbeck Villalobos.

Petrobras’ 6.85% century bonds due 2115 were down 4.54 points to trade at 101.27 while its 5.093% 2030s were down 1.28 to trade at 103.76.

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