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Brazil's Temer rules out privatizing Petrobras

Published 09/20/2017, 05:31 PM
Updated 09/20/2017, 05:31 PM
© Reuters.  Brazil's Temer rules out privatizing Petrobras
  • Brazil Pres. Temer says state-run Petrobras (NYSE:PBR) is a symbol of national sovereignty and will remain under government control despite his aggressive privatization agenda.
  • Temer tells Reuters that last month's decision to sell a controlling stake in the Eletrobras (NYSE:EBR) utility to private investors was "important and daring," but rules out a similar move for PBR, saying the oil company holds “a very strong symbolism for Brazil.”
  • Temer also says the many investigations that have led to corruption charges against scores of powerful figures - including himself - show that Brazil’s governmental institutions are independent and working well, and have given investors more confidence to conduct business in the country.
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