Insight Focus
- Petrobras is still searching for a new CEO.
- A resolution was entered for the transition period for natural gas in Brazil.
- The capitalization of Eletrobras is near to arrive….
Government nominees for the top jobs at Petrobras disappeared in a flash. After Rodolfo Landim declined the chairmanship of the state-owned company’s Board of Directors, Adriano Pires also rejected his nomination as CEO. Marcio Weber and José Mauro Coelho have now been nominated as chairman and CEO, respectively.
The red flag of water scarcity was interrupted, and a resolution came in for the transition period for natural gas in Brazil. The conflicts continue to get more and more serious, as well as the sanctions of the allied countries against Russia on its imports and exports of oil and natural gas
Another discussion in the market is the injection of capital into Eletrobras. They say the end is near…
With an increasingly tight deadline between the launch and completion of the share offering that will result in its privatisation, the government anticipated and regulated the secondary public offering of shares in the process, through shares owned by the National Bank for Economic and Social Development (BNDES) or its subsidiaries.
Economic Minister, Paulo Guedes, declared that the company, as it stands today, is unable to invest enough annually to maintain its market share. “The future of Brazilian energy is at stake,” said Guedes.
BNDE President, Gustavo Montezano, expressed concern that if there were no capital injection, it might become impossible to complete the Angra 3 nuclear plant, generating additional costs to abandon the project, and the possibility of losing the concession on the Tucuruí hydroelectric plant, from 2024.
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