XM does not provide services to residents of the United States of America.

Brazil Energy Ministry appoints Petrobras chairman to role at oil regulator



<html xmlns="http://www.w3.org/1999/xhtml"><head><title>UPDATE 3-Brazil Energy Ministry appoints Petrobras chairman to role at oil regulator</title></head><body>

Recasts with Petrobras filing

RIO DE JANEIRO, Dec 4 (Reuters) -The Brazilian Mines and Energy Ministry appointed Petrobras PETR4.SA Chairman Pietro Mendes to a senior position at oil regulator ANP, the firm said on Wednesday, potentially kicking off a small shake-up at the state-run oil firm's board.

In a securities filing, Petrobras confirmed the appointment reported earlier in the day by local newspaper O Globo, noting it is stillpending approval from Brazil's Senate and a formal nomination from President Luiz Inacio Lula da Silva.

The firm's shares started to fall after an O Globo report, which said Lula was aware of the nomination, ending the session down some 0.6%, while Brazil's equities benchmark Bovespa .BVSP was flat.

O Globo also reported that the government will nominate current board member Bruno Moretti to replace Mendesas chairman of Petrobras.

Petrobras did not mention any new appointment for chairman in its statement, and said Mendes will remain in his role during the confirmation process.

Mendes, who is also secretary of oil, natural gas and biofuels at the Mines and Energy Ministry, has been Petrobraschairman since early2023, at the start of Lula's government.

His dual role has been a headache for Petrobras. Mendes was briefly ousted as chairman in April after a Sao Paulo judge ruled it was a conflict of interest for Mendes to hold both positions, although he was reinstated six days later after an appeal.

Moretti, special secretary of governmental analysis, was also appointed to the Petrobras board early in Lula's government.

He was one of the people under consideration to take on the role of Petrobras chief executive earlier this year, although that job ultimately went to Magda Chambriard.

The vacant spot on the board would be taken by lawyer Benjamin Alves Rabello, said O Globo. Petrobras also made no mention of Rabello in its statement.



Reporting by Fabio Teixeira in Rio de Janeiro and Andre Romani in Sao Paulo, Editing by Rosalba O'Brien and Diane Craft

</body></html>

Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.

All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.

Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.

Risk Warning: Your capital is at risk. Leveraged products may not be suitable for everyone. Please consider our Risk Disclosure.