The board of Brazilian food processor BRF SA on Thursday elected Chairman Pedro Parente to the additional post of chief executive, the company said in a securities filing. Parente, the former CEO of state-controlled oil company Petrobras will hold both positions for an initial period of 180 days, BRF said.
Petrobras and Brazil’s government are “very close” to resolving a long-running dispute over an oil-rich offshore area, a deputy minister said, dismissing concerns a fuel pricing crisis had emerged as an obstacle in talks.
Petrobras on Wednesday temporarily cut diesel prices by 10% in order to help the Brazilian government and truck drivers resolve a protest crippling highways.
Brazil's low-cost oil will help Petrobras compete in a tough market as it seeks to turn around its business, Pedro Parente, CEO of the state-owned oil giant anticipated. Oil majors such as Exxon, Mobil, BO, Royal Dutch Shell, Total and Statoil have been snapping up blocks in the Atlantic Ocean off the coast of Brazil that hold crude under thousands of meters of salt.