On Monday of this week Maria de las Gracias Foster was officially inaugurated as the first-ever female President of Petrobras, the giant Brazilian oil company. To give it its full (but not often used) name, Petróleo Brasileiro is Latin America’s largest company by far. It’s also certainly in the world top ten (but the exact ranking depends on different definitions of ‘top’).
Petrobras is about two-thirds owned and controlled by the Brazilian public sector, to the value of almost $US 225 billion. The vast majority of this is via direct government possession of shares. It’s not just a domestic enterprise but, also, increasingly, an international one with growing links overseas, particularly with Africa and Asia. By any measure the company is an important contributor to the national economy and influences many decisions regarding both domestic and international investment in Brazil today.
The company is widely diversified, with a full range of activities in exploration, production, refining, transporting and processing of petroleum, including both land-based and maritime installations. The company also prides itself on its environmental approach and therefore sees itself as providing opportunities for ethical investments in Brazil.
At her appointment, the new Petrobras president emphasised her commitment to the linked benefit of both to her company and Brazil as a whole. She thanked her mentor, national President Dilma Rousseff who was present at the occasion and pledged her loyalty. For her own part, President ‘Dilma’ complimented Ms.Foster and praised her career of over thirty years within the organisation as providing an excellent basis for her new leadership role. She concluded by expressing pleasure that she (the first woman to lead Brazil) could be present to welcome the first woman to lead Petrobras.
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