Petrobras in the crosshairs as election run-off looms

Ballot box verdict could prove existential for the NOC, amid controversial calls from the incumbent to break apart the Brazilian energy giant

Brazilian state oil and gas firm Petrobras marked its 69th birthday in early October. But the NOC’s future as a state entity may depend on the outcome of the second round of elections pitting incumbent Jair Bolsonaro against former president Lula da Silva. Throughout the election campaign, Bolsonaro has repeatedly flirted with market intervention and threatened to privatise the state juggernaut as early as next year should he win re-election. Bolsonaro’s argument, backed by economy minister Paulo Guedes, is that breaking Petrobras’ monopoly will lower domestic fuel prices. Importantly, it would also take the political pressure off the government. Since taking office, Bolsonaro has sacked and