Brazilian President Luiz Inácio Lula da Silva said he wants Petrobras to be profitable in an apparent effort to ease investor concerns about the direction of the state-controlled oil and fertilizer producer, Bloomberg reported.
“Nobody wants any shareholder to lose money,” Lula said at a ceremony to swear in Petrobras CEO Magda Chambriard. “If you invested, you are entitled to a return on your investment.”
Rio de Janeiro-based Petrobras has seen sharp fluctuations in its share price this year amid a dispute between previous management and members of Lula’s cabinet over how much it should be paying investors in dividends, Bloomberg said.
Chambriard pledged to deliver robust results and ensure good governance, while also saying management is aligned with the government’s mission to grow the economy. She added that Petrobras will develop new offshore oil regions to help pay for the energy transition, and also focus on refining, petrochemicals, and fertilizer production.
You can’t “talk about the energy transition without mentioning who will pay the bill,” said Chambriard. “It’s oil that will pay this bill.”