(Bloomberg) -- Brazilian President Luiz Inacio Lula da Silva said he wants Petrobras to be profitable in an apparent effort to ease investor concerns about the direction of the state-controlled oil producer.

“Nobody wants any shareholder to lose money,” Lula said Wednesday at a ceremony to swear in Chief Executive Officer Magda Chambriard. “If you invested, you are entitled to a return on your investment.”

Petroleo Brasileiro SA, as the Rio de Janeiro-based company is formally known, has seen sharp fluctuations in its share price this year amid a dispute between previous management and members of Lula’s cabinet over how much it should be paying investors in dividends. Chambriard pledged to deliver robust results and ensure good governance, while also saying management is aligned with the government’s mission to grow the economy.

Chambriard added that Petrobras will develop new offshore oil regions to help pay for the energy transition, and also focus on refining, petrochemicals and fertilizer production. 

You can’t “talk about the energy transition without mentioning who will pay the bill,” said Chambriard. “It’s oil that will pay this bill.”


--With assistance from Beatriz Amat.

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