Petrobras president downplays losses

Petrobras President José Sergio Gabrielli downplayed the company's devaluation over the past year, highlighting that the shares are down "like any company in the world" and that many investors who bet on the capitalization process as a short-term return have already sold their shares, causing downward pressure.

"It's clear that Petrobras' shares are penalized for several reasons. The first is that all shares on the market are too," he assessed. The second reason, according to him, is that "when we carried out the capitalization a year ago, we attracted many new investors who had to adjust their portfolios to include Petrobras shares, many of whom wanted short-term returns and ended up selling their shares. Today we no longer have this hedge funding among our shareholders."

The third reason, according to Gabrielli, is that the company has a bold investment plan at a time when the world is in crisis. And, lastly, the executive highlighted the fact that the company's policy of not passing on fuel price increases to domestic prices in the short term does not "please" some investors.