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Gram Slattery and Marta Nogueira

RIO DE JANEIRO– Outgoing Petrobras CEO Roberto Castello Branco stated on Thursday he will ensure a smooth transition to his follower, a retired general carefully picked by Brazil’s president, however restated his stance that the state-owned business should match international fuel rate increases rather than keep them artificially low.


On Wednesday night, Petrobras published fourth-quarter net income of 59.9 billion reais ($109 billion), saying it had actually reversed some 31 billions of disabilities due to an improved outlook for crude rates.

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