Monday, 24 June 2024

Who is Magda Chambriard, new president of Petrobras (PETR3; PETR4)

Magda Chambriard began her career at Petrobras. It was responsible for the first pre-salt auction and was closely related to the major global oil companies.

Chambriard worked for 22 years at Petrobras, where she began working in 1980. Between 2012 and 2016, Chambriard was the general director of the National Petroleum Agency (ANP).

Unlike her predecessor, Jean Paul Prates is a politician (Senator for PT for the State of Rio Grande do Norte). Chambriard is a technocrat and tends to follow President Lula's orders to the letter.

Therefore, she must follow the policy that the president defends, which is to transform Petrobras into a major investor to create jobs in Brazil and help recover the Brazilian economy.

Consequently, Petrobras should use its profits in the coming years to invest in, for example, a new naval industry in Brazil, thermoelectric plants, renewable energy, and the exploration of the Equatorial Margin, which is one of the last unexplored oil frontiers in Brazil. This region comprises the entire coastal strip to the north of the country and takes its name because it is close to the Equator.

Therefore, Alexandre Silveira and Rui Costas, two ministers from the Lula government emerged victorious. Both are lobbyists for thermoelectric plants, which should receive investments now.

The new president of Petrobras, who has already defended the privatization of Petrobras, must follow Lula's ideas. In the first speech she gave, Chambriard already defended the resumption, for example, of the naval industry in Brazil.

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