Brazil cancels privatization of 8 state-owned companies

New Brazilian President Luiz Inacio Lula da Silva has canceled the decree of the previous head of state on the privatization of eight large state-owned companies, Report informs referring to the Brazilian portal G1.

Among the companies that will remain under state control are the oil and gas giant Petrobras and the postal service Correios.

State-owned banks, oil and gas companies will be key in the new economic cycle, the newly elected president added.

Luiz Inacio Lula da Silva was elected for the third time as president of the country in October 2022. He is the leader of the Socialist Workers’ Party.