Petrobras chief Gabrielli to leave for politics

IRJ – January 23 – The chief executive of Brazilian state-run oil and gas giant Petrobras, Jose Sergio Gabrielli, is to step down from the company and assume a government role in his home state of Bahia prior to running for governor of the state in 2013, according to financial broadsheet Valor Economico, Monday.

Gabrielli, who has headed up Brazil’s largest oil and gas group by revenue since 2005, is due to depart on February 12 and will be replaced by Petrobras’ gas and energy director, Marias das Graca Foster, the paper states.

As a business friend of President Rousseff, Foster is tipped to be a prime choice as Petrobras continues to pursue its aim of aligning its operations with government plans to develop Brazil’s bountiful offshore oil reserves.

Reports note that Gabrielli has continually dodged suggestions that he might consider entering political realms. As early as yesterday, Sunday 22, he chose not to confirm his departure from Petrobras during a telephone interview with Reuters news agency. His achievements include piloting the company during its landmark sub-salt discovery, and overseeing the largest-ever share offering Petrobras has run, totalling approximately $70 billion.

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