Brazil Replaces Petrobras CEO ...Middle East

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Brazil Replaces Petrobras CEO
source : OILPRICE ( Middle East ) () 160
Brazil’s government has removed the chief executive of Petrobras Jean Paul Prates and replaced him with the former head of the state oil and gas regulator, Magda Chambriard. The news sent Petrobras shares down, Reuters said in a report on the reshuffle, with investors preparing for more state interference in the business of the company. The change at the top comes a day after Petrobras reported a 38% decline in net profits for the first quarter of the year on 15% lower revenues. It also adds to bad news about shareholders after…

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