Petrobras New CEO Vows To Fuel Brazil's Growth Engine: Report

Lekha Gupta

June 20, 2024

Brazilian oil giant Petroleo Brasileiro S.A.- Petrobras‘ (NYSE:PBR) new chief executive officer (CEO), Magda Chambriard, reportedly stated that the country’s president had tasked her with enhancing the nation’s economy while ensuring profitability at the oil company.

During her formal installation on Wednesday, Chambriard emphasized that Petrobras’ vision for Brazil is in sync with the president’s priorities, reported Reuters.

One of Chambriard’s primary objectives is accelerating Petrobras’ $102 billion investment plan for 2024-2028.

As per the report, she emphasized that this initiative can potentially create “hundreds of thousands of jobs.”

Following Wednesday’s event, Chambriard informed journalists that she does not anticipate any additional changes to the company’s senior management staff.

Last month, Chambriard declared that a basin in Brazil’s Equatorial Margin was of “national interest.“

Earlier, Petrobras appointed Magda Chambriard as a member of the Board of Directors and elected her as the company’s new CEO, replacing prior CEO Jean Paul Prattes, who had resigned amid a dispute over dividend payments.

Investors can gain exposure to the stock via Global X Funds Global X Brazil Active ETF (NYSE:BRAZ) and First Trust Indxx Global Natural Resources Income ETF (NASDAQ:FTRI).

Price Action: PBR shares are up 1.09% at $13.97 premarket at the last check Thursday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

Photo via Shutterstock

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