Brazil's Lula cancels privatization of Petrobras

EPA-EFE/JARBAS OLIVERIA

Brazil's President Luiz Inacio Lula da Silva issued an order repealing the privatization processes of several state-owned companies, including oil giant Petrobras and national postal service Correios, which were initiated during the administration of former President Jair Bolsonaro.

The order, published on Monday in the Official Gazette, stated that the privatization plans for these companies would be withdrawn to "ensure a rigorous analysis of the impacts of privatization on the public service and the market."

At the same time, Lula ordered his ministers to revoke any actions that included these state-owned companies in the investment partnerships programs or national privatization plans.

Baha Breaking News (BBN) / ND