MOSCOW (MRC) -- The board of directors of Petrobras elected Jose Mauro Coelho for a one-year term as CEO, said Reuters.
Coelho will replace Joaquim Silva e Luna. An engineer, Coelho worked from 2007-2020 at the Energy Research Co (EPE), a business formed by the government to provide it with energy statistics. Since 2020, he served as the chairman of the board of the Brazilian Business for the Administration of Oil and Natural Gas (PPSA). The move comes right after the company voted Coelho onto its board, paving the way for the government technocrat to take the helm of the firm, as under Petrobras' statutes the chief executive must be on the board to get elected.
Petrobras is also Brazil's largest refiner.
As MRC informed before, in early February, 2022, Brazil’s state-owned oil company Petrobras and Novonor (formerly Odebrecht) cancelled in “mutual agreement” its plans to sell its stake in Braskem. The announcement came after both companies declared that potential buyers did not meet expectations, without providing any further details on the matter.
We remind that Braskem is no longer pursuing a petrochemical project, which would have included an ethane cracker, in West Virginia. And the company is seeking to sell the land that would have housed the cracker. The project, announced in 2013, had been on Braskem's back burner for several years.
Ethylene and propylene are the main feedstocks for the production of polyethylene (PE) and polypropylene (PP), respectively.
According to MRC's ScanPlast report, Russia's estimated PE consumption totalled 2,487,450 tonnes in 2021, up by 13% year on year. Shipments of all grades of ethylene polymers increased. At the same time, PP shipments to the Russian market totalled 1,494.280 tonnes, up by 21% year on year. Deliveries of homopolymer PP and PP block copolymers increased, whereas shipments of PP random copolymers decreased significantly.
Headquartered in Rio de Janeiro, Petrobras is an integrated energy firm. Petrobras' activities include exploration, exploitation and production of oil from reservoir wells, shale and other rocks as well as refining, processing, trade and transport of oil and oil products, natural gas and other fluid hydrocarbons, in addition to other energy-related activities.