Friday, February 26, 2021

Mourão says ‘question of trust’ motivated replacement at Petrobras – Prime Time Zone

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For the vice president, dismissal is the result of communication failures between Castello Branco and Bolsonaro

DIDA SAMPAIO / ESTADÃO CONTENTThe company’s shares plummeted but, in the vice president’s assessment, this reaction is nothing more than speculation

The Vice-President of the Republic, General Hamilton Mourao, believes that the replacement of Petrobras’ president is more related to a “question of trust” than to the state’s pricing policy. This Monday, the 22nd, the president Jair Bolsonaro criticized the executive Roberto Castello Branco, replaced by General Joaquim Silva e Luna, for working from home during the pandemic – which he said he considered inadmissible -, and said he demanded transparency and predictability from all those who are subordinate to him. For Mourão, in fact, despite dissatisfaction with the recent increases imposed by Petrobras in fuel prices, the dismissal was motivated by raids caused by communication failures between Castelo Branco and Bolsonaro.

“I see no way to intervene in prices, even due to the legislation that governs the company, which is being commented on a lot. It is a matter of trust in the person who is there, that the president put, ”he said. The decision to exchange Roberto Castello Branco for General Joaquim Silva e Luna, who until then was in charge of Itaipu Binacional, was announced by federal government just last week – and generated a strong market reaction. The company’s shares plummeted, but, in the vice president’s assessment, this reaction is nothing more than speculation. Now, the expectation of General Hamilton Mourão is that the scenario will be reversed quickly. “This is all speculation. Market is electronic herd. Run to one side, then run back. I don’t see that it will hurt, everything will be back soon, ”he said. To contain trying to contain the variation in fuel prices and dampen the readjustments, Mourão suggests the creation of a sovereign fund, supplied with royalties from oil.

* With information from reporter Antônio Maldonado

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Mourão says 'question of trust' motivated replacement at Petrobras - Prime Time Zone