Brazil’s Temer says government not considering privatizing Petrobras

Brazil’s President Michel Temer said on Wednesday state-run oil company Petroleo Brasileiro (PETR4.SA), a symbol of national sovereignty, would stay in public hands even as his government makes an aggressive privatization push.

Temer, speaking at a Reuters Newsmaker event in New York, also said that sprawling investigations that have led to corruption charges against scores of powerful figures – including him – show that Brazil’s governmental institutions are independent and working well.

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