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)