situation report

Aug 22, 2019 | 17:20 GMT

1 min read

Brazil: Government Plans to Privatize Petrobras, Report Says

What Happened: The Brazilian government is planning to privatize state-owned energy company Petroleo Brasileiro (Petrobras) before the end of President Jair Bolsonaro's term in 2022, according to an Aug. 21 report by Valor Economico, citing anonymous sources.

Why It Matters: If successful, the privatization could pave the way for a further liberalization of Brazil's energy industry after Brasilia previously sought to limit the company's public influence and monopoly over the country's upstream sector.

Background: Bolsonaro broached the potential privatization of Petrobras during his election campaign in 2018. The proposal, however, would require congressional approval, and it remains unclear whether legislators would support the plan as it remains highly controversial.

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