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    Home » Brazil’s Bolsonaro says Petrobras privatization is ‘on our radar’

    Brazil’s Bolsonaro says Petrobras privatization is ‘on our radar’

    October 26, 2021
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    Brasilia — Brazilian President Jair Bolsonaro repeated on Monday that he is considering the privatization of state-run oil company Petrobras, remarks that lifted the company’s share price.

    “This is on our radar,” the far-right president said during a radio interview. “But privatizing a company is not just putting it on a shelf and whoever offers the highest bid takes it, it is very complicated.”

    Bolsonaro had first mentioned a potential privatization of Petroleo Brasileiro SA – as the company is formally known – earlier this month, indicating that he was frustrated for being blamed for fuel price increases in the country.

    Petrobras has become a hot political topic as energy costs have driven Brazil’s annual inflation into double digits, hurting Bolsonaro’s popularity ahead of next year’s election.

    Preferred shares in Petrobras were up 3.5% at 28.12 reais in early morning trading.

    • Reuters (Reporting by Lisandra Paraguassu; Writing by Gabriel Araujo Editing by Paul Simao)
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