Brazil's Petrobras receives six board nominations from government

Five have been nominated by the Ministry of Mines and Energy and one by the Economy Ministry, Petroleo Brasileiro SA , as the company is formally known, said in a securities filing.

Brazil's state-run oil firm Petrobras said on Monday that the government had nominated six individuals as potential members of the firm's board of directors, to be voted on at the upcoming extraordinary general meeting.

Leftist former president Dilma Rousseff froze fuel prices several times in 2014 and 2015 despite the price of oil increasing at the time. But that state intervention into Petrobras prices ended when Rousseff was impeached in 2016 and removed from office. (Bloomberg)

Five have been nominated by the Ministry of Mines and Energy and one by the Economy Ministry, Petroleo Brasileiro SA , as the company is formally known, said in a securities filing.

It said the government could still put forward two more names.

This comes after four directors said last week they would be stepping down, following President Jair Bolsonaro's decision last month to replace Chief Executive Roberto Castello Branco with retired military general Joaquim Silva e Luna.

The six names nominated on Monday are Silva e Luna, Eduardo Bacellar Leal Ferreira, Ruy Flaks Schneider, Márcio Andrade Weber, Murilo Marroquim de Souza and Sonia Julia Sulzbeck Villalobos.

A date has yet to be set for the extraordinary general meeting.