Brazil’s state-owned oil giant Petrobras has become the focal point of a corruption scandal that has engulfed the country’s economy for more than two years. Its ramifications continue to rock the business and political elites of Latin America’s largest country. Petrobras is also the most heavily indebted of the world’s major oil producers, something that CEO Pedro Parente is intent on fixing through a regimented five-year plan. The Banker spoke to Mr Parente a year after his appointment and six months into the debt reduction plan. He talked about the future of oil, climate change and Petrobras beyond Brazil.
Q: Petrobras was at the centre of Brazil’s corruption scandal, and, as with the rest of the industry, is contending with low oil prices. What does the future hold for the company?
