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There are many things wrong with Petrobras and new president will set up a company, says Bolsonaro

President Jair Bolsonaro receives Military Honors (Photo: Marcos Corrêa / PR)

BRASÍLIA (Reuters) – President Jair Bolsonaro said on Tuesday, in response to a supporter, that “there is a lot wrong” at Petrobras and that the nominee to be the new president of the state-owned company, retired general Joaquim Silva e Luna, will “clean up” the company.

Bolsonaro went on to say that he did not interfere in the state-owned company and did not lower fuel prices, which were adjusted last week, but said that the company will improve with the entry of Silva and Luna in place of Roberto Castello Branco.

“There’s a lot of things wrong… the new president is going to fix it up there, you can leave it,” said Bolsonaro, then added: “You will see Petrobras how it will improve. Just as if you have to make any changes, we will. ”

Bolsonaro announced last Friday the change in command of the company, with the departure of Castello Branco, who ends his term in March but expected to be reappointed by the company’s Board of Directors.

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The abrupt change led to a crisis of reliability in government policies. Only on Monday, Petrobras shares fell more than 20% and the state company lost 74 billion reais in market value.

Petrobras’ Board of Directors meets on Tuesday to confirm whether or not Silva and Luna will be appointed.

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