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Brazilian economy minister plans to privatise Petrobras within 10 years

Brazil’s Minister of the Economy Paulo Guedes said this week the government of President Jair Bolsonaro will privatise state-controlled Petroleo Brasileiro SA, known informally as Petrobras, within a decade. (Petrobras is publicly traded, but the government owns the majority of its voting shares.) Guedes also advocates for privatisation of other state-owned companies, including Banco do Brasil.

“What is the plan for the next 10 years? Continue with the privatisations. Petrobras, Banco do Brasil, everyone getting in line, getting sold and transforming into social dividends,” said Guedes.

President Bolsonaro exercised his control over Petrobras in April this year, removing Roberto da Cunha Castello Branco as the company’s CEO. Castello Branco had been allowing fuel prices to rise to market value, a move that Bolsonaro criticized as challenging to Brazilians. The president is again facing pressure to lower gas prices.

Kim Biggar

Kim Biggar started writing in the supply chain sector in 2000, when she joined the Canadian Association of Supply Chain & Logistics Management. In 2004/2005, she was project manager for the Government of Canada-funded Canadian Logistics Skills Committee, which led to her 13-year role as communications manager of the Canadian Supply Chain Sector Council. A longtime freelance writer, Kim has contributed to publications including The Forwarder, 3PL Americas, The Shipper Advocate and Supply Chain Canada.
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