Outgoing CEO Luna says Petrobras has no place for ‘adventurers’

March 29, 2022

(Reuters) – Petrobras has a strong governance and there is no room for “adventurers” within the firm, said outgoing Chief Executive Joaquim Silva e Luna on Tuesday.

During a lecture at the Superior Military Court, in Brasilia, he came out in defense of the state-owned company’s price parity policy, which guarantees its profitability in the refining area by allowing distributors to buy in dollars, passing on the cost to consumers.

“The company is inspected by more than two dozen inspection and control agencies, and has a robust governance in compliance and sustainability. There is no room for adventurers within the company today, unless the legislation changes,” he said, referring to speculation new leadership could challenge the price parity policy.

Luna’s departure comes after Brazilian President Jair Bolsonaro criticized the company’s head over fuel increases in early March.

On Monday, Bolsonaro replaced Luna as Petrobras CEO less than a year after he was appointed, choosing Adriano Pires, a well-known academic and energy consultant, for the position. Luna will remain in the post until April 13.

(Reporting by Rodrigo Viga Gaier; Writing by Peter Frontini Editing by Aurora Ellis)