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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