Lula to start job interviews for Petrobras overhaul

Brazilian President-elect Luiz Inacio Lula da Silva begins interviews this week with candidates to run oil firm Petrobras, people familiar with the talks said, kicking off what may be a rocky few months for the state-controlled company.

Lula, who takes office on Jan. 1, has already signaled plans for a dramatic overhaul of Petroleo Brasileiro SA, as the company is formally known, reports Reuters.

Into the dustbin, according to Lula and his advisers: the company’s privatization. Prepped since 2019, the plan was ready to be implemented next year had Jair Bolsonaro been reelected, according to some of its makers.

Back on the drawing board: investments in renewable energy, refineries, job creation and regional economic development of the kind that made Petrobras an integrated energy behemoth during Lula’s presidency from 2003 to 2010.

To pull off that reboot of Petrobras strategy, Lula plans for sweeping turnover in the company’s first- and second-tier management ranks, said people familiar with his thinking.