Petrobras Board Member Resigns Amid Pricing Turmoil

May 30, 2018

World Energy Reports LLC.

José Alberto de Paula Torres Lima, a board member at Brazilian state-run oil company Petroleo Brasileiro SA, resigned on Tuesday due to "personal reasons," the company said in a filing on Wednesday.

Shares in Petrobras, as the company is known, have fallen nearly 30 percent since May 16 amid fears over government interference in the firm. Brazil's President Michel Temer has considered scrapping a market-based pricing mechanism used by Petrobras and reverting to a previous policy of selling fuel below costs, Reuters reported on Tuesday, a move that would further spook investors.

(Reporting by Gram Slattery)

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