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.