New Petrobras CEO says dominating domestic refining, gas market bad for company

RIO DE JANEIRO, (Reuters) - Roberto Castello Branco, the incoming chief executive of Petroleo Brasileiro SA , made the case for divestments in the natural gas and refining sectors at a swearing-in ceremony.

At the event in Rio de Janeiro, the new head of Petrobras, as the firm is known, said the company’s domestic domination of the natural gas supply chain was bad for the company and bad for Brazil. The state-run firm would like competitors in the domestic refining industry and was always open to new partnerships, he said. (Reporting by Marta Nogueira and Rodrigo Viga Gaier Writing by Gram Slattery Editing by Susan Thomas)

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