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News > Brazil

Caio Mário Paes Appointed New Petrobras Director

  • Newly appointed Petrobras director Caio Mário Paes. Jun. 27, 2022.

    Newly appointed Petrobras director Caio Mário Paes. Jun. 27, 2022. | Photo: Twitter/@agenciabrasil

Published 27 June 2022

Petrobras' Board of Directors approved the appointment on Monday by seven votes for and three against. 

Caio Mário Paes, who served as Secretary of Debureaucratization, Management and Digital Government at Brazil's Ministry of Economy, has been appointed the new director of the state-owned oil company, the fourth during Jair Bolsonaro's administration. 

Brazil Rejects US Oil Output Increase Request  

Paes, with no experience in the sector, was nominated by Bolsonaro to replace José Mauro Ferreira Coelho, who was also proposed by Bolsonaro and served as Petrobras director for almost two months. 

Claiming that the newly designated director fails to meet the legal requirements to be appointed, oil unions have warned they will take the case to court.

The replacement occurs, as before, over Bolsonaro's disagreements with the Petrobras pricing policy for the sale of fuels in the domestic market.

 Such prices, directly linked to international market fluctuations, affect Bolsonaro's image amid the electoral race in which he seeks re-election.

Although most of the shares belong to the State, some are traded on the São Paulo, New York and Madrid stock exchanges, which means the State cannot directly intervene.

Petrobras' policies have raised fuel prices in Brazil, impacting inflation, running for over 12 months at around 12 percent annually.

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