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The incoming CEO of Petrobras, Magda Chambriard, brings a wealth of experience and a clear mandate to revive Brazil’s state-run oil firm into a powerhouse for job creation and industrial development. Sources close to the matter have revealed that President Luiz Inacio Lula da Silva aims to recreate the firm’s former role during his earlier presidency from 2002 to 2010, which spurred domestic shipbuilding and major refinery projects.

Lula has appointed Chambriard, a seasoned veteran with four decades in the petroleum industry, to rekindle this vision. This leadership change at Petrobras has already led to the departure of the chief financial officer and is anticipated to impact other senior executives. This shift might also impede the plans of former CEO Jean Paul Prates for offshore wind projects and a strategic transition towards renewable energy.

Chambriard began her career as a Petrobras engineer in 1980 and later led Brazil’s oil and gas regulator ANP from 2012 to 2016. According to sources familiar with her strategy, she is focused on revitalizing domestic shipyards, fertilizer plants, refineries, and gas lines.

The revitalization of Brazil’s ailing shipbuilding industry is a top priority for Chambriard. A Petrobras insider highlighted Lula’s dissatisfaction with Prates’ inability to revive this labor-intensive sector. Chambriard and Lula have reportedly discussed plans to generate shipbuilding jobs in at least three private meetings.

Despite these discussions, there have been no changes proposed to the company’s dividend policy, a long-standing grievance of Lula. The President has openly criticized the firm for paying excessive amounts to shareholders while neglecting investment in Brazilian industry.

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