Temer names trusted official a Mines and Energy minister, ahead of decisive privatizations

Tuesday, April 10th 2018 - 08:55 UTC

Full article 12 comments

Moreira Franco was previously the Secretary of the Presidency, a minister-level position. He also served as Temer’s infrastructure investment czar

Brazil’s President Michel Temer named Wellington Moreira Franco to take over the Mines and Energy Ministry, a key portfolio that includes overseeing the proposed privatization of Centrais Eletricas Brasileiras SA (Eletrobras).

Moreira Franco’s appointment, announced by the president’s office in a statement on Sunday, follows the resignation of Deputy Mines and Energy Minister Paulo Pedrosa, who had been seen as the likely replacement for outgoing chief Fernando Coelho Filho after he left to run for Congress.

Pedrosa had been vital in leading efforts to privatize Eletrobras, and the news on Friday that he was quitting wiped roughly US$1 billion off the market capitalization of the state utility. The ministry did not give a reason for Pedrosa leaving.

Moreira Franco was previously the Secretary of the Presidency, a minister-level position. He served as Temer’s infrastructure investment czar, which included oversight of concessions and privatizations.

His appointment ends the battles of two senators and former energy ministers, who had proposed candidates to the role in an effort to scuttle the privatization.

Categories: Energy & Oil, Politics, Brazil.

Tags: Brazil, Brazil economy, Michel Temer, Mines and Energy minister, Moreira Franco, privatization package.

Top Comments

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DemonTree
Naturally he picks one of the ministers named in the Lava Jato to oversee the privatisation. I'm totally confident he'll sell it the highest bidder and not the highest briber.
Apr 10th, 2018 - 02:29 pm 0
Enrique Massot
We know where privatization of public services leads and who benefits from it. It will be anyone but the public.
Apr 10th, 2018 - 08:04 pm 0
:o))
“SOMEBODY” Is getting Ready, is Able AND is Willing to receive the “Donations, Gifts, Commissions, etc”]! REF:
http://midia.gruposinos.com.br/_midias/jpg/2015/03/20/tacho_nh_2103-657808.jpg
Apr 11th, 2018 - 03:15 pm 0

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