Petrobras Plans Dividend Squeeze To Fund Transition to Renewables

Brazil’s state-owned energy heavyweight Petrobras will be distributing more modest dividends in the future as it prepares to become a renewable energy company. That’s according to chief executive Jean Paul Prates, who spoke to Bloomberg and said that plans are to have half of Petrobras’s revenues coming from wind and solar power generation and renewable fuels in ten years. Prates told Bloomberg he believed shareholders “will understand,” explaining that “I would be more conservative than aggressive.…