Petrobras shares fall in Brazil after Lula removes oil giant from privatization

SAO PAULO — Petroleo Brasileiro SA . Preferred Stock

fell 4% after Brazil’s new president removed the oil company, known as Petrobras, from a list of state-controlled businesses slated for privatization.

Shares hit 23.51 reais on Monday morning, or $4.40, after falling 14% throughout 2022. Brazil’s benchmark Ibovespa stock index was down 2.2% in early trading.

Luiz Inacio Lula da Silva was sworn in as Brazil’s president on January 1. One of the first official acts by the leftist politician, who served as the country’s president from 2003 to 2010, is to remove Petrobras and the country’s postal service from the list of state property sales.


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