Brazilian President Bolsonaro considers privatization of Petrobras

"I want to privatize Petrobras, yes, I do. I shall see together with the economic team what we can do," Bolsonaro told Novas de Paz radio.

The largest state-owned Brazilian oil company, Petroleo Brasileiro S.A. (Petrobras), may be privatized, Brazilian President Jair Bolsonaro said on Thursday.

The president's comments have already led to a more than 1% increase in the state-owned company's share price, according to Brazilian news portal Suno. (Reuters file photo)

"I want to privatize Petrobras, yes, I do. I shall see together with the economic team what we can do," Bolsonaro told Novas de Paz radio.

The president's comments have already led to a more than 1% increase in the state-owned company's share price, according to Brazilian news portal Suno.

Brazil's largest energy company has been the subject of numerous corruption scandals. On October 4, Petrobras paid the Brazilian authorities, as well as the United States, a fine of $853 million as part of a 2018 agreement following an investigation into the Lava Jato corruption case.

The anti-corruption investigation into Petrobras money-laundering began in 2014. The company's senior management was accused of receiving a 3% commission from a number of contracts. These funds were allegedly later used to bribe politicians and officials. According to the Brazilian authorities, through overpricing and bribes, the participants in the money-laundering scheme gained up to $3.8 billion.