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Lula Pushes New Petrobras CEO to Boost Refinery, Gas Investments
Brazil President Luiz Inacio Lula da Silva will push the new head of Petroleo Brasileiro SA to speed the pace of investments into refineries and expand its natural gas supplies after ousting the state-run oil company’s chief executive officer, people familiar with his plans said. Lula’s firing of Jean Paul Prates ended months of speculation that his days atop the company known as Petrobras were numbered. But Prates’s replacement with incoming CEO Magda Chambriard also kicked off new concerns that the oil giant will wind up bankrolling Lula’s broader industrial policy at the expense of shareholders. The ... (full story)