Petrobras CEO calls selloff after Lula win speculative, sees buying opportunity

Petroleo Brasileiro SA Petrobras

26/10/2026 14:59

RIO DE JANEIRO, Oct 26 (Reuters) - Petrobras PETR3.SA Chief Executive Magda Chambriard said on Monday that a sharp drop in the Brazilian state-run oil company's shares following President Luiz Inacio Lula da Silva's reelection was a "speculative move" and did not reflect the firm's fundamentals.
In an interview with Reuters, Chambriard said Petrobras remained a solid company with a strong investment pipeline and would not be guided by short-term market moves.
"It's a pity I can't buy Petrobras shares, this is a good time for anyone who wants to," she said.
Sao Paulo-traded shares in Petrobras fell around 10% after leftist Lula defeated right-wing Senator Flavio Bolsonaro in Sunday's runoff, defying polls to secure a fourth non-consecutive term.

(Reporting by Rodrigo Viga Gaier; Writing by Gabriel Araujo; Editing by Isabel Teles)
((Gabriel.Araujo2@thomsonreuters.com; +55 11 5047-3352;))