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AP-National

New Petrobras chief is sworn in as market worries Brazil’s government will have heavier hand

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Published 5:57 PM

By ELÉONORE HUGHES
Associated Press

RIO DE JANEIRO (AP) — Magda Chambriard has been sworn in as the head of Brazil’s state-run oil giant Petrobras as market concerns of increased government intervention in the company mount. President Luiz Inácio Lula da Silva — who nominated Chambriard — attended the ceremony Wednesday in Rio de Janeiro. Chambriard said Petrobras management was fully aligned with Lula’s vision for the country. Fears of government intervention date to the sprawling “Car Wash” investigation that discovered billions of dollars in kickbacks related to construction contracts Petrobras awarded. Car Wash’s prosecutions of scores of politicians and executives were celebrated at the time as great achievements against impunity but have been steadily dismantled.

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