UPDATE 2-New Petrobras CEO vows turnaround without government bailout

jueves 2 de junio de 2016 16:53 GYT
 

* Fuel price policy to be set by and for Petrobras -CEO

* Energy minister says fuel policy faces government review

* Parente backs end of Petrobras subsalt exclusive rights

* Petrobras chief cries, calls recent company history "absurd" (Adds Parente comments on cutting debt, domestic fuel-price policy; adds comment from energy minister; adds Petrobras background)

By Jeb Blount and Marta Nogueira

RIO DE JANEIRO, June 2 (Reuters) - Pedro Parente kicked off his first day as chief executive of Brazilian state oil company Petrobras on Thursday by vowing change as he attacked the way the company has been run, noting corruption, heavy debt and government control of fuel prices.

He said Petroleo Brasileiro SA, as the company is formally known, must cut its nearly $130 billion of debt on its own.

"Some say to get out of this grave situation the federal government must capitalize the company. I don't like this because it tosses the problem on the back of the taxpayer," Parente said

A bailout would also dilute existing shareholders and weaken the credit of the government, he said.   Continuación...