Former Bunge Brasil CEO Parente picked to run Petrobras

Brazil’s interim President Michel Temer has decided to appoint engineer and former Bunge executive Pedro Parente to be chief executive of ailing state-run oil company Petrobras, O Globo newspaper reported on Monday.

Parente was chief of staff of former president Fernando Henrique Cardoso, during whose administration he successfully managed a severe energy crisis that required electricity rationing.

O Globo, citing unnamed sources, said Temer is seeking to tap Parente’s management skills to rescue Petroleo Brasileiro SA, as the company is formally known, from a financial crisis brought on by low world oil prices and a massive corruption scandal that has paralyzed much of its expansion projects.

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