August 21, 2019 / 7:35 PM / a month ago

Brazil's Bolsonaro wants to privatize Petrobras before end of his term -report

SAO PAULO, Aug 21 (Reuters) - The economic team of Brazilian president Jair Bolsonaro wants to privatize state-controlled oil company Petroleo Brasileiro SA before the end of his term in 2022, Brazilian newspaper Valor Economico reported on its website on Wednesday, citing anonymous sources.

Petrobras shares spiked after the report and were up 7.5% on Wednesday afternoon in Sao Paulo. Petrobras and the Economy Ministry did not immediately reply to requests for comment. (Reporting by Tatiana Bautzer Editing by Nick Zieminski)

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