Brazilian Oil Giant Petrobras 'Does Not Have to Bring Much Profit', Bolsonaro Says

RIO DE JANEIRO (Sputnik) - Brazilian President Jair Bolsonaro said that the state-owned oil company Petroleo Brasileiro SA (Petrobras) does not have to bring big profits to its shareholders since its most important mission is social.

"Petrobras does not have to be a company that brings high returns, as it used to. In addition to profits for shareholders, Petrobras is paying off billions of dollars in debt because of the robbery that used to take place at the company," the president said during a live broadcast on social media.

The Brazilian leader stressed that Petrobras, as a monopoly, "must have a social side in a good way."

"Nobody needs money from Petrobras, we certainly want Petrobras to have no deficit and we want it to invest in gas," Bolsonaro added.

The Brazilian state-owned company is the main producer and importer of fuel in the country and regulates domestic fuel prices "in accordance with international standards," which needs to be changed, the president noted.

Petrobras' profits in Q3, according to the published report, were estimated at $5.52 billion at current exchange rates, with the investments amounting to $1.863 billion. The total amount of dividends to shareholders in 2021 will be $11.23 billion. Over the past 12 months, the company's debt has decreased by 25.1%, to $59.58 billion.