February 1, 2023
Shares in the United States are rising after the appointment of Petropras' new president

Shares in the United States are rising after the appointment of Petropras’ new president

State-owned stocks in the United States traded slightly higher after the market closed, following the announcement by Jose Muro Ferreira Coelho, former Secretary of the Ministry of Mine and Energy and Petroleum, for the presidency of Petropras.

Company ADRs – Receipts for shares traded in the US – fell 0.87% at the end of the day and then rose 0.14%.

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Samuel Sagas, a consultant at 3A Investmentos, says it is too early to calculate the impact of the announcement on the financial markets. Although he considers Adriano Pierce to be a well-prepared candidate, he believes that, unlike General Silva e Luna, Goyalho has minimal technical support.

– Uncertainty is the cause of most problems in the business market. It is already positive to give a definition now, ”he added.

In Brazil, the market is still closed in anticipation of the announcement of a new name for the flagship Petrobras chair. State General Shares (PETR3) rose 0.32% and Sao Paulo Stock Exchange (PETR4) fell 0.09%, considering the price of a barrel of Brent oil fell more than 5%.

Not much is known yet about the new nominee. Goyalho chairs the board of directors of PPSA, which handles the marketing of oil and gas, a state-owned company owned by the government on pre-salt contracts, and has already been secretary for oil and gas in the Ministry of Mines. And energy.

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Its position on the pricing policy currently adopted by Petrobras in terms of international equality is not yet clear.

According to GLOBO columnist Miriam Leitão, during his tenure at the Energy Research Institute (EPE), during the Lula government, Jose Mauro Goyalho assisted in the transition from the oil exploration model to the partition format. This change was strongly criticized by the department for changing the already integrated rules.

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According to Rodrigo Crespi, an analyst at Guide Investmentos, the reaction of investors should not be negative when a military veteran is hired. However, considering the history of experiences in the public sector, he believes that Goelho could very easily be affected by Bolsanaro’s influence in changing fuel policy.

– I think Byrne is very technical and he will delight the market a lot. We need to understand what Goyalho thinks about the principle of international equality, he says.

William Castro Alves, Avenue’s chief strategist, suggests that the new candidate is a name that does not excite the market:

– This is someone who participated in the government, walked out due to disagreement. Perhaps someone who can provide guidance to a company that does not escape state control. Therefore, ADRs do not bring much reflection. If we think about it, we will have an election. How far will this new president stay in Petropras?

Economist Alvaro Bandera believes that the market will gain a good reputation as he has experience in the field and is not at odds with interests. Nevertheless, he says it is negative that the image of a state-owned company has undergone so many changes in such a short period of time.

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Marcio Andrade Weber, who is already a consultant at a state-owned company, believes he is “in constant news” of being nominated for the position of chairman of the company’s board of directors.

Marco Saravalle, partner at SaraInvest, holds a similar position:

– I think they should be well received in the market. These two names are closely linked to the state side, but the important thing is to understand that they are individuals who value technical and competent personality. Meeting the prerequisites for occupying these positions is a very difficult task.