Oil’s first lady takes CEO title

IRJ – January 24 –The first woman to run one of the world’s top five oil companies, Maria das Gracas Foster, is set to take over the industry’s largest investment plan with Petroleo Brasileiro SA’s $225 billion proposal, aiming to more than double its output over the next 10 years. Petrobras, the world’s fifth-largest oil producer, announced Foster’s promotion to chief executive officer following Jose Sergio Gabrielli resignation to pursue a career in politics. Foster currently runs the natural-gas and power division of Petrobras, which incidentally was last year’s fastest growing area. Since the announcement of Fosters leadership of the project, which will involve drilling as much as 6 kilometres below the seabed of the Atlantic Ocean, stocks surged and gained 3.8 per cent. “The market seems relieved that Petrobras has not been subject to political whims, but rather has chosen a career employee with technical skill to be CEO,” said Christopher Palmer, employee of Henderson Global Investors Ltd. “This indicates that execution of projects is now a top priority,” he added.

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